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Al Futtaim to acquire Kenyan car retailer

Dubai-based Al Futtaim Group has said it is looking to make its first investment in sub-Saharan Africa with an $86m offer to take full control of a Kenyan car retailer, Reuters has reported. Al Futtaim will offer 13 shillings ($0.15) per share for Nairobi-listed CMC Holdings, with 50.6% of existing shareholders having pledged to accept the takeover offer, the conglomerate said. CMC Holdings, which owns dealerships in Kenya, Tanzania and Uganda and has exclusive distribution rights for Ford, has not traded publicly since September 2011 when Kenya's Capital Markets Authority suspended the stock due to a boardroom row.