Nigeria’s Dangote Cement, majorly owned by Africa’s richest man, Aliko Dangote said it has opened takeover talks with South African rival PPC.
“DCP (Dangote Cement Plc) hereby confirms that the board of directors of DCP has merely communicated its interest to the board of directors of PPC with respect to the acquisition of the entire share capital of PPC,” Dangote Cement said in a statement of the Nigerian Stock Exchange (NSE).
The company, however, noted that “This communication is still at the preliminary stage.”
PPC is already considering a bid by local rival AAfriSam, which launched a new all-share merger proposal that values South Africa’s largest cement maker at about 9.2 billion rand ($700 million).
PPC has a third offer from an unnamed bidder.
PPC said in a statement its independent board is considering the proposal.
Shares in PPC were up 4.53 percent to 6.23 rand, while shares in Dangote were up 2.39 percent.
PPC is already considering a bid by local rival AAfriSam, which launched a new all-share merger proposal that values South Africa’s largest cement maker at about 9.2 billion rand ($700 million).
PPC has a third offer from an unnamed bidder.
PPC said in a statement its independent board is considering the proposal.
Shares in PPC were up 4.53 percent to 6.23 rand, while shares in Dangote were up 2.39 percent.
Nigeria's Dangote Cement accounts for a third of the local bourse capitalisation and has plants in major African country, making it the largest producer
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