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South Africa's PPC gets higher offer from Fairfax

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Staff Writer | September 16, 2017
ppc
Acquisition   The all-share offer

PPC, South Africa's biggest cement producer, said it expected Canada's Fairfax Africa Investments to raise its 9.2 billion-rand ($700 million) takeover offer.

The all-share offer from AfriSam and Fairfax on Sept. 4 valued PPC shares at 5.75 rand but expectations of a higher bid, either from Fairfax or others such as Nigeria's Dangote Cement, have kept the share price above that level.

On Thursday Dangote Cement, which is controlled by Africa's richest man Aliko Dangote, said it was interested in buying PPC, which is also the subject of a proposed merger with with local rival AfriSam.

If, however, none of the offers from the prospective bidders materialise and if the AfriSam merger doesn't go ahead, PPC, which has operations in six countries, said it could continue as a standalone business.


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