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Investing.com -- Shares of Rubis SCA rose 7% on Monday after Bloomberg reported that CVC Capital Partners Plc and Trafigura Group are considering bids for the French fuel distributor, citing people familiar with the matter.
The Amsterdam-listed buyout firm and the global commodity trader are separately weighing offers for Rubis, which supplies gasoline, bitumen and other fuels across Europe, Africa and the Caribbean, the people said. The talks remain preliminary and both firms could still decide against pursuing a deal.
Rubis has faced growing pressure from shareholders Patrick Molis, a French entrepreneur, and Canadian businessman Ronald Sämann to revamp its governance and reconsider its clean energy strategy, the report said.
The Paris-listed company has lost more than half its market value since a 2018 peak, though shares have gained 22% this year, supported by a 26% increase in first-half net income. Its current market value is about €3 billion.
The group has stepped up renewable energy investment since buying a solar farm developer in 2022 and recently sold its 55% stake in Rubis Terminal to I Squared Capital. Governance reforms have also been introduced, including greater supervisory board oversight on strategic decisions, the report said.
Founders Gilles Gobin and Jacques Riou, who retain significant influence despite holding just over 2% of shares, have said they will leave the management board in 2027.
Molis joined the board this year, while Sämann, owner of Car-Freshner Corp., was appointed in 2023.
Trafigura has been expanding its French footprint, most recently as part of a consortium acquiring the Fos oil refinery from Exxon Mobil Corp., a 140,000-barrel-a-day facility and Exxon’s sole refinery in the Mediterranean.