AfriSam terminates PPC merger terms, eyes new proposal
Merger negotiations between cement producers AfriSam and PPC have been terminated after AfriSam on Wednesday retracted the heads of terms (HoT) that were entered into in February.
JSE-listed PPC on Friday said AfriSam planned to rather submit an undisclosed new proposal regarding a possible combination of the two companies.
PPC’s share price on the Johannesburg bourse fell nearly 6% by Friday afternoon following the announcement.
PPC and AfriSam re-entered merger negotiations in February, two years after abandoning their first tie-up attempt.
The firms have been considering the merger to potentially unlock the capabilities of a major African cement producer that would be able to compete more comfortably in the global cement market.
The HoT had been cemented to assess the merits of the deal.
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