Rubis proposes conversion to joint-stock company to simplify governance (updated)

Rubis SCA

Mon 06:56

Writes through to add details and context on restructuring.
Oct 19 (Reuters) - Rubis RUBF.PA has proposed changing its corporate structure into a joint-stock company, a move that would remove specific rights tied to the general partner status, the French energy distributor said on Monday.
Under the existing structure, general partners carry unlimited joint liability for Rubis' debts and hold governance rights that give them significant influence over management and major corporate changes, helping shield the company from takeover pressure.
The shift aims to increase Rubis' appeal to a broader investor base and provide greater financial flexibility for future acquisitions
The general partners, who form the base of the current management board, would receive 12.7 million newly issued Rubis shares as compensation 
They have committed to holding the shares for two years as reference shareholders
Jean-Christian Bergeron, CEO of Rubis Energie, has been proposed as the new chair of the management board
The supervisory board will expand to include two new members, with Marc-Olivier Laurent to remain as chairman
The proposal is subject to the French market regulator confirming no mandatory tender offer is required, and shareholder approval at a meeting on December 9

(Reporting by Lucie Barbier in Gdansk, editing by Milla Nissi-Prussak)
((Email: lucie.barbier@thomsonreuters.com))