Skip to main content

Dangote drops interest in acquiring PPC

Published by
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

 EnviroTech 2020

[ONLINE] EnviroTech 2020

EnviroTech 2020 is an online conference for professionals in the cement sector. Featuring presentations from industry experts, you can join this completely virtual conference from anywhere in the world, absolutely free. Register for free today »

 
 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Dangote news