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South Africa's PPC says Fairfax makes partial offer of $154 mln
September 4, 2017 / 12:48 PM / 17 days ago

South Africa's PPC says Fairfax makes partial offer of $154 mln

JOHANNESBURG, Sept 4 (Reuters) - South Africa’s cement maker PPC said on Monday a regional unit of Fairfax Africa Investments will make a partial offer to buy its shares for 2 billion rand ($154 million), subject to PPC shareholders agreeing to a tie-up with its nearest unlisted rival Afrisam.

In August, PPC said AfriSam intends to make a new proposal on a merger of the two South African cement makers after AfriSam terminated its current plan.

Shares in PPC rose 3.67 percent to 5.65 rand at 1234 GMT. ($1 = 12.9458 rand) (Reporting by Nqobile Dludla)

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