CEMENT PRODUCER:
Dangote in PPC takeover approach
PPC group manager of corporate affairs Siobhan McCarthy said further details remained confidential at this stage
PPC said on Thursday it had received a nonbinding "communication of interest" from Nigerian company Dangote Cement to buy the entire share capital of the company. PPC’s share price jumped as much as 5.7% in afternoon trade on Thursday. This comes after PPC’s board earlier advised of indicative proposals from two other bidders, each in relation to a potential pan-African combination with SA’s largest cement producer. Earlier in September, South African cement producer AfriSam submitted a revised merger proposal to PPC in tandem with an undertaking by Canada’s Fairfax Africa Investments to buy R2bn in ordinary shares at R5.75 a share. AfriSam and PPC had previously said they were looking to create a merged cement producer that could compete in the rest of Africa. AfriSam had been affirmed as the bidder in any merger. Mish-al Emeran‚ an equity analyst at Electus Fund Managers‚ said there would be several hurdles to a sale or merger, including competition issues. "I think this will take...
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