Rubis shares surge on reports of interest from CVC, Trafigura
By Josh White
Date: Monday 15 Sep 2025
(Sharecast News) - Shares in French fuel distributor Rubis surged to their highest level in over a year on Monday, after reports that private equity firm CVC Capital Partners and commodities trader Trafigura were separately considering bids for the company.
Bloomberg reported late on Friday that both firms were weighing offers, though deliberations were ongoing and no final decisions had been made.
Neither CVC, Trafigura nor Rubis had commented by the time markets opened on Monday.
The rally saw Rubis briefly top the pan-European Stoxx 600 index, extending gains that gad lifted the stock about 22% so far this year.
The company, which distributes petroleum products such as gasoline and bitumen across Europe, Africa and the Caribbean, currently has a market value of around €3bn.
Its first-half net income rose 24% to 26% year on year, despite a 2% drop in sales, supported by lower debt costs and the absence of currency headwinds.
Investor speculation over Rubis's future had recently intensified amid mounting pressure to overhaul its governance.
The company operates as a société en commandite par actions, a partnership limited by shares that gives its founders broad influence despite holding just over 2% of the equity.
Founders Gilles Gobin and Jacques Riou said they would step down from the management board in 2027, while activist shareholders Patrick Molis and Ronald Sämann had pushed for reforms and for a shift away from solar investments.
Bolloré Group and Molis had also increased their stakes in recent months.
Adding to the momentum, Bernstein initiated coverage of Rubis on Monday with an 'outperform' rating and a €38.70 price target, describing the company as an "anti-fragile jewel" with a 25-year record of dividend growth and a current yield of 4.5%.
Reporting by Josh White for Sharecast.com.
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