PPC and AfriSam still in merger talks
Shares in PPC rose in midmorning trade after the cautionary announcement, the fifth this year
Formal discussions on a potential merger between PPC and AfriSam are continuing, PPC said on Monday.
PPC’s share price gained 0.63% to R4.80 in midmorning trade after the cautionary announcement. It is the fifth such statement this year.
PPC and AfriSam announced in February they had restarted talks to potentially merge their operations‚ nearly two years after previous talks were abandoned.
The companies said the merger would allow them to compete in a market dominated by multinational and regional players.
The merged entity would have complementary production assets in seven African countries.
"Accordingly, shareholders are advised to continue exercising caution when dealing in securities of the company until such time a further announcement is made," Monday’s trading statement read.