PPC says it has received a nonbinding expression of interest from Irish cement maker CRH, putting three potential bidders into the ring for the assets of SA’s largest cement producer. CRH is indicating it is considering submitting an all-cash proposal to acquire a controlling stake in PPC. The Dublin-based group is a diversified global building materials company listed on the London, Dublin and New York stock exchanges. It has a market capitalisation of €27bn. CRH’s interest comes in addition to AfriSam-Fairfax, which has made a joint conditional partial offer for the group, and interest from Europe’s LafargeHolcim. The latter says it will firm its nonbinding expression of interest in the week of November 20. PPC says CRH must now firm up its own expression of interest from this date. PPC’s share fell 5.22% at close of trade on the JSE on Monday. "In an effort to align the CRH process with that of LafargeHolcim and [AfriSam]-Fairfax, the independent board of PPC intends to provide C...
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