CRH not making bid for South Africa's PPC

Remigio Civitarese
Dicembre 7, 2017

Irish cement producer CRH has made a decision to pull out of the process to bid for rival PPC, the South African company said on Thursday.

Cement supplier PPC said that following the initial expression of interest from the building materials company, it had permitted CRH to conduct initial due diligence so that it could submit an update to its interest, including a value per share.

"PPC shareholders are advised that on 4 December 2017, CRH formally advised PPC that CRH has decided not to submit an updated expression of interest and therefore considers it appropriate to withdraw from the independent board's process".

CRH is now on a buying spree, in October the company agreed a $3.5bn (€3bn) deal for US-based Ash Grove Cement, after buying German lime and aggregates producer Fels for €600m in August.

Swiss-based multinational LafargeHolcim is also still talking to PPC about a potential bid.

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