PPC: 628 0 (0.00%)
Ireland's CRH withdraws from bidding for South African cement maker PPC
Dec 7 (Reuters) - Irish cement producer CRH, the
world's third-largest building materials supplier by market
value, had decided not to bid for rival PPC the South
African company said on Thursday.
Last month, CRH made an undisclosed cash bid for PPC and had
been given time for due diligence and to submit an updated bid.
"CRH has decided not to submit an updated expression of
interest and therefore considers it appropriate to withdraw from
the Independent Board's process," PPC said in a statement.
PPC last month turned its back on a takeover attempt by
AfriSam, backed by Canada's Fairfax Africa Investments. However,
regulations allow Fairfax until Dec. 12 to post its partial
PCC said it was still talking to Swiss company LafargeHolcim
(Reporting by Noor Zainab Hussain in Bengaluru; editing by
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.