Energy Africa has defended itself against a hostile takeover bid by Petronas. An insufficient number of minority shareholders accepted the offer from Petronas. Petronas needed 90 percent of minority shareholders in Energy Africa to accept the 1.6 billion rand offer to take over the company in full. However, only it only received acceptance offers for 0.1% of Energy Africa's issued share capital Since the beginning Energy Africa has urged its minority shareholders to reject the offer, citing it was too low. Petronas is the majority shareholder in Energy Africa with a 65% stake.
"Since Petronas did not obtain acceptances for 90 percent of the shares subject to the offer, it will not be able to acquire compulsorily those shares which it does not already own," Energy Africa said in a statement. A mystery buyer has acquired around 11.6 percent of the company since the bid was made in September which was enough to ruin the attempted takeover.