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Fairfax withdraw bid for PPC

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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Fairfax Africa has officially withdrawn its interest in acquiring a minority stake in South Africa’s largest cement maker, PPC.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.

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