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

French fuel distributor Rubis SCA is exploring a potential combination with Trafigura Group’s fuel retail business Puma Energy as it seeks to expand its geographical reach, people with knowledge of the matter said.

Rubis is considering acquiring Puma Energy in a cash and share deal, said the people who asked not to be identified discussing private information. Puma Energy, which distributes fuels, lubricants and bitumen in Central America and Sub-Saharan Africa, could be valued as much as €2.5 billion ($2.9 billion) in a deal, some of the people said.