Nigeria’s Dangote among several making counter-offers for PPC
Aliko Dangote, Africa’s richest man, is among those considering counter-offers for the PPC Group that could signal a bidding contest for SA’s largest cement maker, according to people familiar with the matter. Dangote Cement sees a bid for the company as a way to accelerate expansion outside its home market of Nigeria, said the people, who asked not to be named as the matter is private. PPC will consider any rival offers to the joint approach by Canada’s Fairfax Financial Holdings and domestic rival AfriSam, and present them to shareholders in early October, one of the people said. PPC shares jumped 2.9% to R6.38 as of 3.30pm in Johannesburg, on track for the highest on a closing basis since April 25. This values the company at R10.2bn. LafargeHolcim, the world’s biggest cement maker based in Jona, Switzerland, and Germany’s HeidelbergCement are also monitoring PPC’s situation, the people said. Titan Cement of Greece is also looking at the company, according to one of the people. On...
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