Nipco Plc Raises Stake In 11 Plc

Nigerian fuel distributor Nipco Plc has bought another 3.23 percent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for 4.84 billion naira ($16 million) to increase its holding to 70 percent, Reuters reports.

Nipco’s investment subsidiary in October bought 60 percent of Mobil Oil Nigeria from Exxon Mobil Corp., when the U.S. giant pulled out of downstream fuel distribution in Nigeria.

Having amassed a stake of almost 67 percent, it wanted to increase that holding to around 70 percent. Under Nigerian takeover rules however, it had to offer the same price of 417.12 naira per share to minority investors.

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