Displaying items by tag: South Africa
PPC said to be on shopping list for CRH
13 October 2017South Africa: Ireland’s CRH is considering making a bid for PPC according to unnamed sources quoted by Bloomberg. However, no final decision has been made and neither CRH nor PPC have commented on the matter. Following an offer made by Fairfax Financial Holdings in September 2017, PPC said that it had received two other offers. Nigeria’s Dangote Cement publicly admitted that it was in talks with PPC but it later withdrew from the bidding process.
Dangote Cement withdraws from PPC bid
09 October 2017South Africa: Dangote Cement has formerly withdrawn from the bidding process for PPC. The Nigerian cement producer confirmed it was in talks with PPC in mid-September 2017 following an offer by Fairfax Financial Holdings.
PPC hires bank to review Fairfax offer
05 October 2017South Africa: PPC has hired Investec bank to review an offer by Fairfax Financial Holdings to buy a stake in it. The process will also look at ‘credible’ offers made by other investors including Nigeria’s Dangote Cement. No duration for the review has been specified but the cement producer said it would take ‘some time.’ The Takeover Regulation Panel has granted Fairfax an extension until November 2017 to distribute its offer to shareholders, PPC said, allowing Investec more time to complete its report into the proposal.
Leading PPC shareholder warns against merger with AfriSam
03 October 2017South Africa: Prudential Investment Managers, one of the main shareholders of PPC, says it opposes a proposed merger between the cement producer and AfriSam. It said that the deal undervalues the group, according to the Business Daily newspaper. It added that it expects PPC’s share price to double in the next three to four years as production capacity in sub-Saharan African comes on line. Prudential owns a 14% share in PPC. Canada’s Fairfax Financial Holdings has made an offer of US$154m to buy a stake in PPC on condition that the cement producer agrees to a merger with AfriSam.
AfriSam describes offer to PPC as ‘fair’
21 September 2017South Africa: AfriSam has described its offer with Fairfax Financial Holdings to buy a stake in PPC for US$154m as ‘fair.’ In a questions and answer statement on its website it commented that the “…Partial Offer and Merger reflect the fair and relative value of PPC and AfriSam based on the unaffected market price for PPC shares and other valuation benchmarks.” PPC described the offer to its shareholders as low and has confirmed that it has been in communication with other potential bidders, including Nigeria’s Dangote Cement.
PPC seeks higher offer from Fairfax
18 September 2017South Africa: PPC is seeking a higher offer from Canada’s Fairfax Financial Holdings that has made a bid to buy a stake in it. The cement producer said in a document to shareholders that it anticipated that Fairfax would make a higher bid given ‘the lower offer price on the table’. The Canadian financial company offered US$154m to buy a portion of PPC with the condition that it also merge with AfriSam. PPC also confirmed that it had received a non-binding communication from Nigeria’s Dangote Cement to buy it.
Dangote Cement confirms talks with PPC
15 September 2017South Africa: Nigeria’s Dangote Cement has confirmed its interest in bidding for PPC. The company said that its board of directors had communicated to the board of PPC but that the dialogue was at a preliminary stage. The offer follows offers by Canada’s Fairfax Financial Holdings with AfriSam and other unnamed bids.
Rossen Papazov appointed as country chief for Lafarge South Africa
13 September 2017South Africa: Lafarge South Africa has appointed Rossen Papazov as its country chief executive officer (CEO). Papazov will join the company with effect from 1 October 2017, according to Business Report. He has been the country head for Holcim in Azerbaijan for the last four years. Prior to this he originally joined Holcim in 2000 as its Business Development Manager for Bulgaria. He has also held roles in Belgium and Romania.
Public Investment Corporation backs Fairfax offer for PPC
13 September 2017South Africa: PPC’s largest shareholder, the Public Investment Corporation (PIC), has supported an offer from Canada’s Fairfax Financial Holdings and local cement producer AfriSam. PIC views the bid as an opportunity to build a larger cement producer in sub-Saharan Africa, according to sources quoted by the Cape Argus newspaper. The investment body also hopes to make cost savings from the merger. PIC owns about 11% of PPC and it is the biggest shareholder of AfriSam with a 60% stake.
Dangote linked to PPC bid
11 September 2017South Africa: Dangote Cement is considering making a bid for PPC. The interest of the Nigerian company could start a bidding contest for the South African cement producer, according to sources quoted by the Cape Times newspaper. Canada’s Fairfax Financial Holdings with AfriSam made an offer for PPC in early September 2017. However, PPC said that the offer was ‘undervalued.’ It also reported to shareholders that it had received two other offers. It is expected to present any offers it has received to shareholders in early October 2017.