Nigerian stocks dropped 1.45 percent in late trades on Friday to more than a seven-week low, as investors turned bearish on equities and sold off shares across the board, led by Dangote Cement.
Last week PPC said an offer from Canadian insurer Fairfax Financial Holdings to acquire a 22 percent stake in the cement maker at an offer price of R5.75 per share, undervalued the company. "Economic rational aside, it will all be about the bid premium".
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The game would take place unless Florida International qualifies for the Conference USA championship game, also played December 2. Conference officials say that game, originally scheduled for last Saturday, will now be played in CT on November 4.
Dangote Cement Plc on Wednesday confirmed plans to acquire the entire share capital of South Africa's leading cement firm, PPC Limited..
"PPC is a solid business, a clear market leader with a useful footprint across Africa", the firm said. "This communication is still at the preliminary stage", the cement maker said. AfriSam, which is majority owned by the Public Investment Corporation pension fund, first proposed a merger in 2014 when PPC's share price had been under pressure.
PPC said in a statement its independent board is considering the proposal. LafargeHolcim, the world's biggest cement maker, is also monitoring PPC's situation, the people said. Dangote, listed in Lagos, has a market capitalisation of $9.9bn.
Dangote Cement has been on an aggressive move to expand its operations to other African countries.
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