(Sharecast News) - French fuel distributor Rubis said talks with potential bidders were "very preliminary" a day after reports that private equity firm CVC Capital Partners and commodities trader Trafigura were separately considering bids for the company.
In a short statement, Rubis said that it had been in contact with "various industrial and financial counterparties" and "maintained a dialogue with all relevant stakeholders".

"Rubis is committed to exploring and considering the potential options that could arise for the group in the context of discussions that, to date, remain very preliminary," it added.

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.

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 Frank Prenesti and Josh White for Sharecast.com

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