Cement News tagged under: Afrisam
PPC is a new target for CRH13 October 2017, Published under Cement NewsCRH is among companies considering a counterbid for PPC that could trump an offer by Canada’s Fairfax Financial Holdings, according to Bloomberg sources. PPC’s future has been considering a merger with rival AfriSam Group failed and Toronto-based insurer Fairfax made a partial offer for ZAR2bn (US$149.5m) of PPC stock at ZAR5.75/share. PPC has a market value of ZAR11bn (€689m). Fairfax’s offer is conditional on PPC merging with AfriSam, and the South African company has appointed Invest... |
PPC merger opposition grows11 October 2017, Published under Cement NewsVisio Capital Management, which holds seven per cent of PPC shares, is the latest investment manager to object to a partial conditional offer for AfriSam-Fairfax merger. Visio Capital’s position sees at least 25 per cent of shareholders opposing the merger. Earlier this week, Value Capital Partners, which owns around five per cent of PPC stock, had rejected the offer made by Canada’s Fairfax Africa Investments saying the intrinsic value of PPC was at least ZAR10/share. Fairfax had underta... |
Dangote pull out of potential PPC acqusition deal09 October 2017, Published under Cement NewsDangote Cement Plc, pulled out of its bid to acquire the share capital of PPC Ltd. In a regulatory filing at the weekend, Dangote Cement board of directors stated that it has notified PPC board of directors that it no longer has an interest in acquiring the South African firm’s share capital. Dangote Cement had last month confirmed that it had initiated a bid to acquire PPC Lt. It, however, noted that the acquisition talks were still at the preliminary stage and the transaction remained... |
Prudential Investment Managers advise against AfriSam merger with PPC03 October 2017, Published under Cement NewsPrudential Investment Managers, one of the top three shareholders in PPC, says it opposes a proposed merger between South Africa's largest cement group and its unlisted South African rival AfriSam. Prudential, which holds 13-14 per cent of PPC, said it wanted "other shareholders to think twice" about such a transaction. It said AfriSam’s recent revised offer, which had the backing of Canada’s Fairfax Africa Investments, undervalued the group. It believed PPC’s share price would double in th... |
Dangote confirms "preliminary talks" with PPC15 September 2017, Published under Cement NewsTalks between Dangote Cement and PPC regarding the possible acquisition of PPC by Dangote are in a "preliminary stage", according to the Nigeria-based cement producer, confirming news reports earlier this week . If successful, Dangote Cement would extend its presence in South Africa. Currently the company owns a 64 per cent stake in Sephaku Cement. "DCP (Dangote Cement Plc) hereby confirms that the board of directors of DCP has merely communicated its interest to the board of directors o... |
AfriSam wins two SARMA awards15 September 2017, Published under Cement NewsSouth African cement producer AfriSam dominated at the recent Southern African ReadyMix Association (SARMA) awards by winning two of the four accolades bestowed on the industry’s top performers for 2017. SARMA’s annual awards, held in Gauteng during the Concrete Conference in August, saw AfriSam receive both the 'Best Plant' award for its Wynberg ready-mix facility and the 'Best Fleet' award for its Gauteng ready-mix fleet. "The team is justifiably excited about winning this prestigious... |
PIC reportedly backs joint offer for PPC13 September 2017, Published under Cement NewsPPC'S largest shareholder, Public Investment Corporation (PIC), is supporting a joint offer for South Africa's biggest cement-maker from domestic rival AfriSam Group and Canadian insurer Fairfax Financial Holdings, as the merger would create a national champion, according to people familiar with the matter, reported in the Cape Argus. The enlarged cement producer will be able to benefit from significant cost savings as well as expand more effectively on the continent, according to the sou... |
Dangote sets eyes on PPC Group11 September 2017, Published under Cement NewsAliko Dangote is considering counter offers for the PPC Group and as such could spark a bidding contest for South Africa’s largest cement producer, reported The Star who quoted people close to the subject. Dangote Cement sees the bid as a way to accelerate its pan-African expansion, but the company is only one of several companies keeping a close eye on the bidding. PPC has already received one rival offer to the AfriSam Group bid from Canada-based Fairfax Financial Holdings and both bids... |
South African merger talks: make or break?01 September 2017, Published under Cement NewsFollowing the collapse of a second round of talks between South Africa's two leading cement producers on a proposed merger, will AfriSam's expected new proposal be enough to push negotiations through and be a case of third-time lucky? Last Friday AfriSam confirmed that it had cancelled the Heads of Terms it had entered into with PPC, which would have led to a formal merger agreement but says it remains committed to pursuing a deal. "AfriSam remains firm that a transaction between AfriSam a... |
AfriSam to come up with new merger plan30 August 2017, Published under Cement NewsMerger talks between South African cement producers AfriSam and PPC have been terminated after AfriSam retracted the heads of terms (HoT) that were entered into in February. PPC on Friday said AfriSam planned to rather submit an undisclosed new proposal regarding a possible combination of the two companies. AfriSam acting chief executive, Rob Wessels, said the company remained committed to pursuing a transaction and intended to submit a new proposal regarding a possible merger to PPC. ... |