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SA’s PPC targets $700mln higher offer from Fairfax

JOHANNESBURG, Sept 15  – South Africa’s biggest cement producer PPC said on Friday it expected Canada’s Fairfax Africa Investments to raise its takeover offer that valued the firm at about 9.2 billion rand ($700 million).

The all-share offer from Fairfax and AfriSam on Sept. 4 valued PPC shares at 5.75 rand but expectations of higher bid, either from Fairfax or others such as Nigeria’s Dangote Cement, have kept them above that level. ($1 = 13.1363 rand) (Reporting by Nqobile Dludla; editing by David Clarke)

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