In the final tally, Al Futtaim Group has won over 91.6% of shareholders in Kenya’s CMC Holdings with its offer of $86.3m, acquiring 533.7 million of the 582.7 million ordinary shares, and lending the conglomerate a broad influence over the distribution of Ford, Suzuki and Volkswagen in East Africa.

Two weeks ago, this percentage stood at 79.3%, already above a controlling majority and the 75% mark required to all Al Futtaim to delist the Kenyan interest, but below the now passed 90% stake required for Al Futtaim to be able to compulsorily acquire the remaining 8.4% stake in the company.

Al Futtaim began the process of trying to convince CMC shareholders to accept its takeover bid in September, making several offers in negotiations that were expected to close on the deadline of January 24, but which were subsequently extended well into February.

CMC Holdings has a 33% stake in Kenya Vehicle Manufacturers, a 35% state-owned automobile operation also partially owned by DT Dobie, under the Toyota Tshusho Corporation. Al Futtaim is conducting its acquisition through Al Futtaim Auto & Machinery Company (FAMCO).

Marwan Shehadeh, group director for corporate development at Al-Futtaim Group, previously noted: “We are continuing our expansion drive across Africa and we hope that CMC will be the jewel in the crown of our inroads into this great continent.”

KVM has an installed annual manufacturing capacity of 6,600 vehicles, and physical investments valued at around four million dollars, while CMC owns a number of additional subsidiaries, including Cooper Motor Corporation, Uganda, and Hughes Motors and Hughes Agricultural, Tanzania.

A family-run conglomerate established in the 1930s Al Futtaim has over 100 companies across 20 markets, and has been eyeing new markets and opportunities amid a $1bn investment drive, particularly into what it describes as “the booming African economy”.

***UPDATE*** on 31.03.14

Further to the acquisition deal for CMC Holdings, Al Futtaim has since stated: “Considering that the offer has been accepted by shareholders holding more than 90% of the issued ordinary shares in CMC, Al-Futtaim shall compulsorily acquire the remaining issued ordinary shares in CMC.”