Cement News tagged under: PPC

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PIC increases shareholding in PPC

17 October 2017, Published under Cement News

Cement producer PPC reported on Monday, 16 October, that the Public Investment Corporation (PIC) had increased its shareholding in the South African cement company, which is currently mulling bids from several parties that are vying for its shares. AfriSam, supported by Canada's Fairfax Africa Investments, made an offer in September to buy R2bn of PPC ordinary shares at ZAR5.75 a share (US$0.43). The offer includes a ZAR4bn recapitalisation of AfriSam before any merger. The PIC, which i...

PPC is a new target for CRH

13 October 2017, Published under Cement News

CRH 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 grows

11 October 2017, Published under Cement News

Visio 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 deal

09 October 2017, Published under Cement News

Dangote 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 PPC

03 October 2017, Published under Cement News

Prudential 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...

PPC raises prices and volumes

29 September 2017, Published under Cement News

South Africa-based cement producer PPC said it improved effective selling prices in its South African cement business and is steadily increasing output at its operations in the rest of Africa. The company saw a rise in volumes of 15 and 35 per cent in Zimbabwe and Rwanda, respectively in the five months to August, according to an investor presentation at the RMB Morgan Stanley Big Five Investor Conference in Cape Town. Effective selling prices increased by two per cent in South Africa ...

Dangote

25 September 2017, Published under Cement News

A bidding war for PPC is underway after Dangote Cement submitted a takeover deal of cash and shares to the company last week. The offer comes after PPC received a joint offer from its domestic rival AfriSam Group and Toronto-based Fairfax Financial Holdings. Dangote has said that it has two banks willing to support its offer but declined to name the lenders. “The market in South Africa needs consolidation. It’s the right thing for us to go in there and consolidate,” says Dangote Cement. A...

Dangote confirms "preliminary talks" with PPC

15 September 2017, Published under Cement News

Talks 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...

PIC reportedly backs joint offer for PPC

13 September 2017, Published under Cement News

PPC'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 Group

11 September 2017, Published under Cement News

Aliko 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...