Cement producer PPC’s shares fell by nearly 20% in early morning trade on the JSE on Thursday, after announcing that it has ended merger talks with LafargeHolcim and that it is considering a new black economic empowerment (BEE) transaction.
Irish cement producer CRH, the world's third-largest building materials supplier by market value, had decided not to bid for rival PPC the South African company said on Thursday.
Cement producer PPC and trade union National Union of Mineworkers (NUM) have reached an agreement on wage negotiations at the company’s Slurry plant, in the North West.
AfriSam Group Pty Ltd. CEO Rob Wessels said the South African cement maker will decide whether to make a higher offer for larger rival PPC Ltd. only in the event of a formal approach from a competing bidder.
South African cement maker AfriSam said on Wednesday a merger proposal valuing its rival PPC at $700-million was fair, suggesting it has no intention of sweetening its offer.
PPC, South Africa’s biggest cement producer, said on Friday it expected Canada’s Fairfax Africa Investments to raise its 9.2 billion-rand ($700 million) takeover offer.
Africa’s richest man, Aliko Dangote is reportedly considering counter-offers for PPC Group Ltd. that could signal a bidding contest for South Africa’s largest cement maker, according to people familiar with the matter, reports Bloomberg.
The price of PPC shares dropped by 9% to close at R4.45 a share yesterday after the listed cement and lime producer reported that chief executive Darryll Castle had resigned and reports emerged that talks about a proposed merger between PPC and rival AfriSam were about to collapse.
The PPC Mandela Day Challenge at Growing up Africa’s Devland Education Campus in Soweto drew 300 volunteers and resulted in 20,000 bags being filled with sand in less than three hours.
Despite some tentative, mixed responses and competition authority uncertainty, PPC and AfriSam believe this is the right time for them to take another shot at merging in an environment primed for consolidation.
Hot commissioning of PPC’s new cement plant in the Democratic Republic of the Congo will begin this month, according to a company trading update, with cement production expected to begin at the end of March.
As part of an enabling partnership between PPC subsidiary Ulula Ash and Eskom, two high-tech mobile science labs have been donated to Sibongamandla Secondary and Kriel High Schools in Mpumalanga.
PPC has posted flat earnings before interest, taxes, depreciation and amortisation (Ebitda) of R1,14bn for the six months ended September 30, while its Ebitda margin, at 22,2%, was negatively impacted on by selling price pressures and the timing of administration and other operating expenses.
According to Moneyweb, PPC, South Africa’s largest publicly traded cement maker, said it received R4 billion ($263 million) of bank guarantees
Cement supplier PPC says its expansion programme remains on track, with construction at sites in the Democratic Republic of the Congo,
PPC-released data shows Domestic cement sales grew 4.6% in Q3 of 2014 after contracting in the first two quarters, though sales for the full year were on track to come in lower than in 2013.
Cement manufacturer PPC Zimbabwe is positive its acquisition of an indigenisation certificate in 2012 will enable it to forge ahead of competition as the building industry improves.
PPC Ltd. (PPC) has a shortlist of six candidates to succeed Ketso Gordhan as CEO and plans to make an appointment if shareholders vote to retain the board, Chairman Bheki Sibiya said.
PPC says it has bought the Industrial Development Corporation’s 20% stake in Ethiopia-based Habesha Cement Share Company for $13m, raising its share from 27% to 51%.
South African cement maker PPC said on Friday it would convene a general meeting to consider removal of its entire board after three shareholders holding a 10% stake requested it.