What is Rubis considering doing with Trafigura’s Puma Energy, and what is the reported potential valuation?

Rubis SCA is exploring a potential combination with Trafigura Group’s fuel retail business, Puma Energy, possibly through a cash and share deal; Puma Energy — which distributes fuels, lubricants, and bitumen in Central America and Sub-Saharan Africa — could be valued at up to €2.5 billion ($2.9 billion).

Why might Rubis pursue this deal, and what strategic implications does it have for both companies?

Rubis aims to expand its geographical reach beyond Europe, Africa, and the Caribbean, while Trafigura would achieve a partial exit from Puma Energy — a business that was consistently loss-making for years until a recent turnaround.

Rubis Said to Weigh Combination With Trafigura’s Puma Fuel Unit

Apr 18, 2026

French fuel distributor Rubis SCA is exploring an acquisition of Trafigura Group's Puma Energy unit in a deal potentially valued at €2.5 billion to expand its global reach.

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