Regional cement maker Pretoria Portland Cement (PPC) says it has received a non-binding expression of interest from building materials manufacturer CRH, to acquire a controlling stake in PPC.
CRH is listed on the London, Dublin and New York stock exchanges. It has a market capitalisation of EUR 27 billion ($31,6 billion).
“PPC shareholders are hereby further advised that PPC has received a nonbinding expression of interest from CRH plc (“CRH”), indicating that it is considering submitting an all-cash proposal to acquire a controlling stake in PPC,” the company said in a statement.
An updated expression of interest is expected next week.
Two other firms Lafarge Holcim and Fairfax have also expressed interest in PPC.
PPC operates 11 cement factories in South Africa, Botswana, the Democratic Republic of Congo, Ethiopia, Rwanda and Zimbabwe.