CRH exits PPC talks but LafargeHolcim discussions continue

Irish cement producer CRH has decided to pull out of the process to bid for rival PPC, the South African company said on Thursday. Last month, CRH made an undisclosed cash bid for PPC and had been given time for due diligence and to submit an updated bid, but CRH has now opted to drop its interest in PPC.

"CRH has decided not to submit an updated expression of interest and therefore considers it appropriate to withdraw from the Independent Board’s process," PPC said in a statement.

In November, PPC turned down a takeover attempt by AfriSam, backed by Canada's Fairfax Africa Investments. However, regulations allow Fairfax until 12 December to post its partial offer circular.

PCC told Reuters that it is still talking to Swiss company LafargeHolcim over a possible deal.