A fierce bidding war has erupted for the acquisition of Bamburi Cement, one of Kenya's leading cement manufacturers.

The latest entrant into the fray is Savannah Clinker Limited, a private company headed by former East African Portland Cement chairman Benson Sande Ndeta.

Savannah Clinker has made a compelling offer of Sh70 per share to acquire the entire stake in Bamburi Cement, valuing the company at Sh25.41 billion.

This offer announced on Wednesday via a public notice surpasses the initial bid of Sh23.59 billion made by Tanzanian conglomerate Amsons Industries in July.

“Savannah Clinker Limited notifies the public that it has on 27 August 2024 served Bamburi Cement with a notice of intention to acquire up to 100 per cent of the ordinary shares of Bamburi,” the notice read.

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The competing offer from Savannah Clinker has sent shockwaves through the market, with Bamburi's share price surging at the Nairobi Securities Exchange. Investors are eagerly anticipating the outcome of this battle for control of the cement giant.

Holcim, the majority shareholder of Bamburi Cement with a combined stake of 58.3 per cent, is now in a position to reap substantial financial rewards. If the Savannah Clinker offer is accepted, Holcim stands to gain approximately Sh14.8 billion.

The bidding war for Bamburi Cement comes on the heels of the company's recent sale of its 70 per cent stake in Ugandan subsidiary Hima Cement to a consortium of Sarrai Group and Rwimi Holdings.

Savannah Clinker has proposed a timeline for completing the buyout by February 28, 2025, while Amsons Industries has offered to close the deal by November 28, 2025. Both companies are expected to send offer documents to Bamburi's shareholders in the coming weeks.

As the bidding war intensifies, investors and industry analysts are closely watching the developments, eager to see which company will emerge victorious and shape the future of Bamburi Cement.