Subscribe & Follow
Trending
Advertise your job vacancies
Jobs
- Receptionist Blackheath
- Master Mechanical Engineer Cape Town
AfriSam revises merger offer to PPC
AfriSam says it has submitted a revised merger proposal to PPC while Canada's Fairfax Africa Investments has a firm intention to buy R2bn of ordinary shares in PPC, SA's largest cement company.
The conditional partial offer, confirmed by PPC in a stock-exchange announcement, appears to affirm that AfriSam is the bidder in any merger process, with the backing of the African investment unit of Canadian insurance group Fairfax Financial Holdings. It is not clear how competition authorities will view any merger.
The revised merger proposal includes a R4bn recapitalisation of AfriSam prior to any merger with PPC. This is based on a share exchange ratio of 58 PPC shares for 42 AfriSam shares, with PPC's equity value being R5.75 per share. This comes after both companies in late August confirmed that negotiations had been terminated despite AfriSam remaining "committed to a possible combination" of the two South African cement groups.
"We are excited that Fairfax Africa sees the investment potential in the combined company as evidenced by its R4bn investment committed to AfriSam and R2bn partial offer to PPC shareholders," Rob Wessels, acting CEO of AfriSam, said on Monday, 4 September.
"Among other benefits, the investment ... will greatly reduce the underlying debt of the merged entity which will have sufficient liquidity and capital to compete in its current markets and selectively target growth opportunities on the continent," Wessels said.
Source: BDpro
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.zaRelated
LIA: SA's Promise wins Gold, Saatchi & Saatchi ME, Dubai wins Bronze 7 Oct 2024 The impact of cheap cement imports on local construction sector 23 Apr 2024 PPC opens new Highveld blending plant to secure cement supply 16 Oct 2023 #Bookmarks2023: Legacy brands lead the way with digital excellence 31 Jul 2023 #Cannes2023: SA's Promise, Kenya's ScanAd and Dubai's FP7 McCann bring home Silver Lions 22 Jun 2023 #Cannes2023: UAE Impact BBDO takes Grand Prix, Ogilvy SA wins Gold; Nigeria awarded first Lion 20 Jun 2023
