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Principale » Africa's richest man joins race for South African cement firm

Africa's richest man joins race for South African cement firm

16 Septembre 2017

PPC operates 11 cement factories in South Africa, Botswana, the Democratic Republic of Congo, Ethiopia, Rwanda and Zimbabwe.

Nigeria's Dangote Cement, controlled by Aliko Dangote, Africa's richest person, has approached South African rival PPC about a takeover.

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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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.

Africa's richest man joins race for South African cement firm