CEMENT PRODUCERS
Proposed Afrisam merger fails to raise a murmur at PPC
PPC chairman Peter Nelson says the cement producer is an attractive company with the potential to draw more than one suitor
The proposed merger of cement producers PPC and Afrisam was barely discussed at PPC’s annual general meeting on Monday. No questions were raised about what is likely to be a protracted affair, with PPC’s chairman, Peter Nelson, saying after the meeting that a tie-up could take up to 18 months after a deal had been agreed. Regarding other merger possibilities, Nelson said PPC was an attractive company with the potential to draw more than one suitor. PPC would consider any binding and firm offer, from Afrisam or any other party, should one arise. The smaller cement producer, Afrisam, pulled its second merger proposal on Friday and has said it is working on a larger and stronger proposal. Nelson said PPC was continuing its daily operations while it awaited the next proposal. PPC and Afrisam had been in their latest round of talks for about seven months, he said. If an offer were accepted, it could take between 12 and 18 months, given legal and competition authority processes, to comple...
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