Dangote drops interest in acquiring PPC
Published by Jonathan Rowland,
Editor
World Cement,
Nigeria-based cement company, Dangote Cement, has dropped out of the competition for South African rival, PPC.
With Dangote’s withdrawal, two parties remain interested in PPC: Afrisam and an unnamed third party.
Afrisam’s offer is backed by Canadian investment company, Fairfax Africa Investments Proprietary Ltd, a subsidiary of Fairfax Financial Holdings. Under the terms of the offer, Fairfax would take a ZAR2 billion stake in PPC, as well as providing a ZAR4 billion cash injection into Afrisam, on condition that the two companies merge.
There is also an “ongoing engagement regarding a credible indicative proposal for a potential pan-African combination with PPC,” the South African company said in a release to the Johannesburg Stock Exchange.
Established in 1892, PPC is a leading suppler of cement in southern Africa. It operated 11 cement plants in South Africa, Botswana, the Democratic Republic of Congo, Ethiopia, Rwanda, and Zimbabwe.
Read the article online at: https://www.worldcement.com/africa-middle-east/09102017/dangote-drops-interest-in-acquiring-ppc/
You might also like
The World Cement Podcast - What's next for US Cement?
In this episode of the World Cement Podcast, we are joined by Mike Ireland, President and CEO of the ACA or American Cement Association. Listen in as Mike and David dive into a range of topics, including the ACA’s recent rebranding efforts, decarbonisation, policy and legislation, and the impact of AI on cement demand.
Tune in to the World Cement Podcast on your favourite podcast app today.
