Economy

CRH exits PPC talks but LafargeHolcim discussions continue

CRH exits PPC talks but LafargeHolcim discussions continue”

Building materials multination, CRH, has withdrawn its interest in South African cement maker, PPC.

Fairfax has set a R2bn limit to the number of shares it is willing to buy, and has made it a condition that PPC merge with AfriSam. Although turned away by the PPC board, under regulations, Fairfax is still allowed to post its partial offer circular to shareholders and has until 12 December to do so.

So far this year, CRH has paid €1.34bn for 27 acquisitions or investment transactions, including deferred and contingent consideration in respect of prior year acquisitions.

A spokesman for Dublin-based CRH said the company had no comment to make.

Dangote Cement made an approach in September, but later withdrew, saying it did not want to get into a lengthy process with an uncertain outcome.

PPC shares were down by around 4% in South Africa trading.

PCC told Reuters that it is still talking to Swiss company LafargeHolcim over a possible deal.

PPC last month reported a 36 percent rise in half-year earnings, helped by a robust performance in Zimbabwe and Rwanda.



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