Fairfax withdraw bid for PPC
Published by Jonathan Rowland,
Editor
World Cement,
Fairfax Africa has officially withdrawn its interest in acquiring a minority stake in South Africa’s largest cement maker, PPC. The offer would have seen Fairfax take a stake in PPC for ZAR2 billion on the condition that PPC merge with AfriSam, South Africa’s second-largest cement producer.
The board of PPC had already rejected the Fairfax bid, telling shareholders in November that it did not regard the offer to be “fair and reasonable”. The company had until 12 December to post its Offer Circular to shareholder; however, on 8 December Fairfax informed PPC that it would no longer proceed with its bid.
Fairfax becomes the third company to drop out of the running for PPC, after Nigeria-based Dangote Cement withdrew in September and Irish multinational, CRH, withdrew last month. It leaves only LafargeHolcim in the running – although the Swiss company has yet to submit a firm offer.
Read the article online at: https://www.worldcement.com/africa-middle-east/12122017/fairfax-withdraw-bid-for-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.
