Irish group CRH drops PPC bid, but stays mum on why
This means only one potential bidder is left — European cement titan LafargeHolcim
Irish cement giant CRH says it will not submit an updated expression of interest for an all-cash proposal to buy a controlling stake in PPC, leaving a value per share offer for SA’s largest cement producer up in the air. This comes after PPC recently rejected a conditional partial offer from unlisted South African cement maker AfriSam and Fairfax Africa Investments — an arm of Canadian insurer Fairfax Financial Holdings — that valued R2bn of PPC ordinary shares at R5.75 a share. CRH, a Dublin-based building materials company listed on the London, Dublin and New York stock exchanges is the second potential bidder for some or all of PPC’s assets to withdraw from bidding procedures. Nigeria’s Dangote cement group in October 2017 withdrew its non-binding communication of interest for buying up all of PPC. This means only one potential bidder is left — European cement titan LafargeHolcim. The spate of interest has caused PPC’s share price to gyrate wildly between R3.50 and above R7.50 in...
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