Building materials multination, CRH, has withdrawn its interest in South African cement maker, PPC. According to a release to the Johannesburg Stock Exchange, the Irish company has “decided not to submit an updated expression of interest.”
CRH becomes the second company to withdraw its interest in PPC, after Nigeria-based Dangote Cement walked away in September. Last month, PPC’s board also rejected a takeover attempt by AfriSam, South Africa’s second-largest cement maker.
The AfriSam bid had been backed by Canada’s Fairfax Africa Investments. Although turned away by the PPC board, under regulations, Fairfax is still allowed to post its partial offer circular to shareholders and has until 12 December to do so.
Swiss-based multinational LafargeHolcim is also still talking to PPC about a potential bid.
Read the article online at: https://www.worldcement.com/africa-middle-east/07122017/crh-walks-away-from-ppc-bid/