Fairfax drops plan to buy stake in cement maker PPC: Reuters

Canada’s Fairfax Africa Investments will not proceed with a plan to buy 23 percent of cement producer PPC for 2 billion rand (US$146.34 million), Reuters reported. Fairfax offered to buy 23 percent of PPC in September for 5.75 rand per share, or 2 billion rand, on condition that it was approved by shareholders in order to allow a merger with South African rival cement maker AfriSam. Last month PPC’s board said it had advised Fairfax that it would not be recommending the offer to shareholders. Fairfax Africa, an affiliate of Fairfax Financial Holdings Ltd, earlier this year raised US$500 million to invest public equity, private equity and debt in African businesses.

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