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

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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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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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