Canada's Fairfax drops plan to buy stake in cement maker PPC

Helios Fairfax Partners

11/12/2017 11:01

JOHANNESBURG, Dec 11 (Reuters) - Canada's Fairfax Africa 
Investments Proprietary Ltd will not proceed with a plan to buy 
23 percent of cement producer PPC  PPCJ.J  for 2 billion rand 
($146.34 million), the South African company said on Monday.  
    Last month PPC's board said it had advised Fairfax  FAHu.TO  
that it would not be recommending the Canadian company's partial 
offer to shareholders.  urn:newsml:reuters.com:*:nL8N1NS3EC  
    "On 8 December 2017, the Independent Board received 
Fairfax's formal notification that it will not proceed with the 
partial offer and that, accordingly, the Fairfax partial offer 
circular will not be posted to PPC shareholders," PPC said in a 
statement. 
    The Takeover Regulation Panel had granted Fairfax an 
extension to post its partial offer circular until Dec. 12. 
    Fairfax offered to buy 23 percent of PPC in September for 
5.75 rand per share, or 2 billion rand, on condition that it was 
approved by shareholders in order to allow a merger with South 
African rival cement maker AfriSam.  urn:newsml:reuters.com:*:nL8N1LL2M7 
    ($1 = 13.6667 rand) 
 
 (Reporting by Nqobile Dludla; editing by Jason Neely) 
 ((nqobile.dludla@thomsonreuters.com; +27117753126; Reuters 
Messaging: nqobile.dludla.thomsonreuters.com@reuters.net)) 
 
Keywords: PPC M&A/FAIRFAX AFRICA