PPC is a new target for CRH

CRH is among companies considering a counterbid for PPC that could trump an offer by Canada’s Fairfax Financial Holdings, according to Bloomberg sources.

PPC’s future has been considering a merger with rival AfriSam Group failed and Toronto-based insurer Fairfax made a partial offer for ZAR2bn (US$149.5m) of PPC stock at ZAR5.75/share. PPC has a market value of ZAR11bn (€689m).

Fairfax’s offer is conditional on PPC merging with AfriSam, and the South African company has appointed Investec to review the proposal. Dangote Cement, Nigeria’s biggest company, considered making a counter offer but withdrew its interest last week.
 
LafargeHolcim, HeidelbergCement and Titan Cement of Greece have also been linked with monitoring PPC’s situation.