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Doubt looms over AfriSam’s PPC offer

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World Cement,

Shareholder opposition may scupper the PPC-AfriSam tie up, the PPC chairman has admitted. Speaking to local media, Peter Nelson said that a “number of shareholders” have indicated their concerns.

Approval of 75% of shareholders is required for the deal to move forward. Currently, Prudential Investment Managers, Value Capital Partners, and Visio Capital Management – with a combined shareholding of 26% – have said they oppose the merger.

“Visio wishes for PPC to walk away from the deal, to stop wasting valuable management time and company resources towards an uncertain and very likely messy outcome, and to instead focus on its operations and deal with its own challenges,” the company said.

PPC’s largest shareholder, the government-owned PIC, was reported as being a supporter of the AfriSam offer – but has since denied taking a view of the proposed deal.

“The PIC has not been approached by the PPC board with any proposed offer for PPC shares,” said a company spokesperson. “We will be in a position to express a view, after we have been approached with a proposal and have studied the terms thereof.”

AfriSam is currently the only named bidder for PPC, following Dangote Cement’s withdrawal of interest. However, an unnamed third-party is said to be interested in the opportunity to create a “pan-African combination with PPC.”

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