After AfriSam and Fairfax, Dangote prepares bid to acquire PPC Group
As bids increase and many companies are joining talks to acquire stakes in South Africa’s leading cement producer, Dangote Cement is supposedly getting ready to buy PPC Group, according to various South African media.
The competition will be intense for the Nigerian tycoon considering that it will be facing giants like LafargeHolcim and Heidelberg, respectively number one and two of the sector worldwide or Greek firm Titan Cement. Besides, the AfriSam-Fairfax pair is also running for the stakes.
In the past two years, the AfriSam-PPC series has recorded multiple twists, and Canadian investment fund Fairfax has decided to also star in it, providing a R2bn offer for buy the cement manufacturer. According to South Africa’s largest pension fund and PPC’s biggest stakeholder, Public Investment Corp, the joint offer from AfriSam and Fairfax is about to be revised to better satisfyf the cement producer’s shareholders.
To rival its competitors, the Dangote group plans to sell part or all of its assets in Sephaku, to another Pretoria-based cement maker, in order to successfully take over PPC, which is valued at more than $792 million.