Dangote withdraws interest in South African cement firm

African richest man, Aliko Dangote has withdrawn his interest to acquire shares of the South African largest cement firm, PPC, sending its shares more than 11 percent lower.

PPC said on Friday Dangote Cement, which is fast becoming Africa's leading cement firm has discontinued its bid in the South African firm.
Dangote joined the race in September to buy South Africa’s biggest cement producer. PPC is already the subject of an all-share merger bid that values the firm at $700 million by local rival AfriSam.
Shares in PPC fell 11.63 percent after the announcement, before recovering some ground to trade 9.77 percent lower at 5.82.

The Nigeria's most capitalised firm, which accounts for a third of Nigerian Stock Exchange capitalisation, in September, confirmed that it plans to acquire the entire share capital of PPC Limited-South Africa’s leading cement firm. 

In a notification to the NSE, the board of directors of Dangote Cement disclosed it had communicated its interest to acquire the entire share capital of PPC to the board of directors of the South Africa’s firm.
However, the Dangote Cement explained that the acquisition talks are still at the preliminary stage and the transaction remains a potential transaction.