Ireland cement major, CRH said it has made a non-binding offer to acquire South Africa’s cement maker, PPC.
The offer makes the scenario more competitive as France’s LafargeHolcim and Dangote Group had initiated rival bids.
According to Reuters, this is AfriSam’s third attempt in three years to merge with PPC is an all-share merger bid valuing PPC at $700 million. AfriSam is backed in the transaction by the African unit of Canada’s Fairfax Africa Holdings.
LafargeHolcim has said that it was in talks with the board of PPC regarding a possible transaction in Africa, while Dangote Cement, majority owned by Africa’s richest man, Aliko Dangote, is still interested in it too.
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 flagged an increase of as much as 40 percent in half-year profit this month, citing robust performance in Zimbabwe and Rwanda and lower finance costs.