Dangote Cement offers PPC cash and shares, fueling bidding war
London/Lagos — Dangote Cement, the Nigerian company controlled by Africa’s richest person, has written to PPC, offering SA’s biggest cement maker cash and shares as part of a takeover deal that is fueling a bidding war. "We are waiting for them to get back to us, hopefully early next week," chairperson Aliko Dangote said in an interview with Bloomberg TV in New York. "They can be part and parcel of the Dangote Cement story, where we’re going to be in 18 African countries." The approach by Lagos-based Dangote follows a joint offer from Toronto-based Fairfax Financial Holdings and PPC’s domestic rival AfriSam. While PPC has said it will consider all bids, the Public Investment Corporation, its largest shareholder, supports a tie-up with AfriSam and Fairfax, people familiar with the matter said last week. LafargeHolcim, the world’s biggest cement maker, is also monitoring PPC’s situation, the people said. Two banks have agreed to support Dangote’s offer, the chairperson said, without i...
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