Dubai-based conglomerate Al-Futtaim Group plans to offer $86m for the purchase of CMC Holdings Limited, a Kenyan automotive group that includes brands such as Germany’s Volkswagen, the US’ Ford, and Japan’s Mazda and Suzuki. Egypt’s EFG-Hermes is acting as final adviser on the transaction.

The cash offer for the entire share capital of the Nairobi Securities Exchange-listed company is based on a price of KES13 ($0.15) a share.

The takeover proposal, which was made through Al-Futtaim’s subsidiary, Al-Futtaim Auto & Machinery Company (FAMCO), will need the approval of the board of CMC Holdings as well as regulatory approvals in order for the deal to go through. The offer has the support of 50.6 per cent of CMC Holdings’ shareholders.