Proposed AfriSam, PPC merger collapses
Talks over a proposed merger between heavyweight South African cement producers AfriSam and PPC have collapsed, after the parties were unable to reach consensus on the terms of the deal.
AfriSam made a nonbinding, conditional proposal to PPC on December 10 for a merger of the two companies, sending PPC’s share value up some 4%.
The two firms had since been engaged in “extensive” discussions.
“Over the last few months, we applied our minds extensively to the proposed merger with AfriSam. Ultimately, we decided not to proceed with the proposed deal,” PPC CEO Darryll Castle said in a statement on Friday.
PPC added that it was committed to its strategy of enhancing the company’s position in Southern Africa and expanding its footprint into other African countries.
AfriSam, meanwhile, said it would continue to implement its growth strategy of sustainable value enhancement for all stakeholders.
PPC’s share price on the JSE rose by as much as 5.8% on Friday to R19 a share, compared with Thursday’s close of R17.96 a share.
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