DANGOTE VS FAIRFAX
PPC see-saws on rival merger news
PPC’s share price dived as much as 12% to R5.70 on Friday after the JSE-listed cement group said Nigerian conglomerate Dangote had formally withdrawn its non-binding communication of interest in a pan-African merger.
But SA’s top cement maker ended just 1.24% lower at R6.37, having also said a R5.75 per share partial offer from Canadian financier Fairfax Africa was still on the table.
PPC had earlier said its independent board was keen to avoid long-running negotiations with bidders for the company.
On Tuesday it extended the date to November 22 2017 for the posting of the partial offer circular by Fairfax Africa, which, along with AfriSam, made a conditional offer for a merger.
Meanwhile, AfriSam issued a statement on Friday saying PPC shareholders should be afforded the opportunity to assess the merits of its merger offer based on appropriate and detailed disclosures in shareholder circulars and the views of the independent expert.