Investors in South Africa's largest cement maker are spoilt for choice. On Friday LafargeHolcim formally joined the fray and said it would conduct a due diligence study and then submit a firm offer to merge some of its African operations with PPC. LafargeHolcim appears determined to eclipse Afrisam's R2-billion cash offer for PPC stock. While the finer details would be fleshed out in a binding proposal expected in the third week of November, LafargeHolcim's offer would include a cash-and-shares combination that would be topped with a special dividend for long-suffering PPC investors. PPC, however, cautioned investors that the LafargeHolcim due diligence study might not lead to a firm offer for their shares. In September Afrisam, South Africa's second-largest cement producer, offered to buy up to R2-billion in PPC shares for R5.75 each. As part of the Afrisam proposed merger offer, Canada's Fairfax Africa Investments would invest R4-billion to pay Afrisam's external debt. Afrisam and...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.