PPC’s largest shareholder is supporting a joint offer for SA’s biggest cement maker from domestic rival AfriSam and Canadian insurer Fairfax Financial Holdings as the tie-up would create a national champion, say people familiar with the matter. The Public Investment Corporation (PIC), Africa’s biggest money manager, sees the three-way deal as a way for an enlarged cement maker to expand more effectively on the continent, said two of the people, who asked not to be identified as the PIC’s position was private. Nigeria’s Dangote Cement, controlled by Africa’s richest man, Aliko Dangote, was among those considering a counter-offer, people familiar with the matter said last week. They also said Swiss-based LafargeHolcim, the world’s biggest cement maker — with a presence in 90 countries — was also monitoring PPC’s situation. The PIC owns about 11% of PPC and is also the largest shareholder in AfriSam with about 60%. Fairfax’s proposal includes the purchase of R2bn of ordinary shares of ...
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