State-backed pension schemes, including the National Social Security Fund (NSSF), failed in their push to sell Kenya Pipeline Company (KPC) shares to Aliko Dangote at Sh9.50 a piece, with the 46 cents difference having threatened to kill the deal.
Mr Dangote, Africa’s richest man, had threatened to walk away from the transaction if the fund managers acting for the pension schemes insisted on demanding a 5.3 percent premium on the shares' market price at the Nairobi bourse, say the deal makers familiar with the deal.
