Cement News tagged under: PPC
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... |
PPC raises prices and volumes29 September 2017, Published under Cement NewsSouth 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 ... |
Dangote25 September 2017, Published under Cement NewsA 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 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... |
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... |
AfriSam submits revised PPC merger offer05 September 2017, Published under Cement NewsSouth Africa’s cement maker AfriSam has submitted a revised merger approach to larger domestic rival PPC, the company said on Monday. AfriSam’s latest proposal values PPC at 5.75 rand per share, or SAR9.2bn (US$709.47m), and is the company’s third attemp to merge with PPC and create a pan-African cement group with assets across six countries. As part of the proposal, the African unit of Canada's Fairfax Africa Holdings offered to buy 22 per cent of PPC at 5.75 rand per share for SAR2b... |
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. ... |