South Africa's PPC rejects Fairfax offer, AfriSam merger: Reuters
South African cement producer PPC’s board this week turned its back on a takeover attempt by AfriSam, backed by Canadian firm Fairfax Africa Investments, but PCC said it was still talking to CRH and LafargeHolcim, Reuters reported. PPC has been a takeover target on-and-off for several years, with locally-based AfriSam, Nigeria’s Dangote Cement, Irish building materials company CRH and Switzerland’s LafargeHolcim all interested in it. Fairfax offered to buy 22 percent of PPC in September for 5.75 rand per share, or 2 billion rand (US$144 million), on condition that it was approved by shareholders in order to allow AfriSam’s merger plan. PPC has operations in six countries across Africa.
22 November 2017•2 mins read
