Universal Coal price tag deters Afrimat
Construction materials supplier walks away from deal over extra cost to acquire full operational control
03 July 2019 - 20:00
Afrimat’s decision to walk away from a R2.1bn deal through which it would have bought Australia-listed Universal Coal, will not slow down the listed materials supplier’s acquisitions drive, CEO Andries van Heerden says.
Afrimat, which has a market capitalisation of R4.8bn, pulled out of the deal because it would have been “significantly more expensive” if the building materials firm wanted full operational control, Van Heerden said on Wednesday. ..
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