September 14, 2017 / 9:43 AM / in 2 months

Nigeria's Dangote Cement makes PPC takeover approach

JOHANNESBURG (Reuters) - Nigeria’s Dangote Cement, controlled by Aliko Dangote, Africa’s richest person, has approached South African rival PPC about a takeover.

Founder and Chief Executive of the Dangote Group Aliko Dangote gestures during an interview with Reuters in his office in Lagos, Nigeria, file. REUTERS/Akintunde Akinleye/File Photo

PPC is already considering a bid by local rival AfriSam, 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.

“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,” the firm said in a statement.

“This communication is still at the preliminary stage.”

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.

($1 = 13.1365 rand)

Reporting by Nqobile Dludla; editing by Tiisetso Motsoeneng and Jason Neely

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