December 14, 2017

Africa’s richest man interested in buying South Africa’s cement giant

Dangote Cement, a company owned by Aliko Dangote, African’s richest man with interests all over the world,  has revealed that it has approached South Africa’s cement giant, PPC for a takeover deal.

A report from Bloomberg, quoting a statement from Dangote Cement, to the Nigerian Stock Exchange, has disclosed that Dangote Cement has communicated its interest to PPC’s board “with respect to the entire of the entire share capital”.

 Dangote’s approach follows a joint offer from Canada’s Fairfax Financial and domestic rival AfriSam. However, analysts believe that the Public Investment Corporation (PIC), the largest shareholder, is likely to consider Afrisam’s offer.

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