South African cement producers PPC and AfriSam have called off merger talks after they could not reach a consensus on the terms, both the companies said on Friday.
Last December PPC confirmed it had received a conditional, non-binding merger proposal from AfriSam. Following "extensive discussion" between the two companies, the parties have not been able to reach consensus on the terms of the merger and therefore have terminated their discussions," PPC said in a statement on Friday. Neither Afrisam nor PPC disclosed details of the value of the proposed merger.
PPC said its board remains committed to its strategy of enhancing the company’s position in Southern Africa and expanding its footprint into other African countries. Progress continues to be made on the implementation of the strategy and an update will be given at the time of the company’s interim results on 19th May 2015.