Lagos — Dangote Cement has approached PPC about a takeover deal, signalling the start of a possible bidding war for SA’s biggest cement maker after an earlier offer led by Canada’s Fairfax Financial Holdings. Dangote has told PPC’s board that it is interested in buying "the entire share capital", the Lagos-based company said late on Wednesday in a statement to the Nigerian Stock Exchange. "This communication is still at the preliminary stage," the cement maker said. The approach by the company owned by Aliko Dangote, Africa’s richest person, follows a joint offer from Toronto-based Fairfax and PPC’s domestic rival AfriSam Group. While PPC would consider all bids, the Public Investment Corporation (PIC), its largest shareholder, supported a tie up with AfriSam and Fairfax, people familiar with the matter said earlier this week. LafargeHolcim, the world’s biggest cement maker, was also monitoring PPC’s situation, the people said. PPC shares rose 2.4% to R6.10 as of 9.33am on the JSE, ...
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