PPC an unlikely candidate for a takeover battle — yet it has several suitors
Fairfax, LafargeHolcim, CRH, Titan Cement, Dangote — all are circling SA’s largest cement maker and, despite its past struggles, potential investors see a bright future
Pull quote: Grabbing their attention is PPC’s extensive footprint in Africa, which has the potential to develop infrastructure at a blistering pace in coming decades. SA’s biggest cement maker, PPC, is an unlikely candidate for a takeover battle. The supplier of building materials reported a loss in its last fiscal year, doesn’t have a permanent CEO and its home market has just come out of recession. Still, potential bidders are circling. PPC has received one formal offer from Canadian insurer Fairfax Financial Holdings, which has pledged to buy a stake on condition it agrees to merge with a local rival. Other companies monitoring the situation include Switzerland’s LafargeHolcim, the world’s biggest cement maker; Dublin-based CRH; and Titan Cement of Greece, people familiar with the matter have said. Nigeria’s Dangote Cement is also watching closely. While the potential buyers have all declined to comment on the current status of their interest, PPC has given Fairfax until November...
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