Economy

CRH not making bid for South Africa's PPC

CRH not making bid for South Africa's PPC

In November, CRH launched an all-cash bid for PPC for an undisclosed amount.

PPC said that on December 4 it was advised by CRH that the Irish company would not be submitting an updated expression of interest and would withdraw from the process.

However, a purchase of PPC would have run counter to CRH's recently declared acquisition strategy, with Chief Executive Albret Manifold saying last month that the firm would concentrate on deals in North America and would not overinvest in developing economies.

So far this year, CRH has paid €1.34bn for 27 acquisitions or investment transactions, including deferred and contingent consideration in respect of prior year acquisitions.

Tata Motors rolls out first lot of Tigor EVs from Sanand plant
The EESL had placed the order in October, which mandated supply on or before 30 November, but was later postponed to December-end. Tata Motors had secured the first phase tender by bidding Rs 2.3 lakh lower than the second closest competitor Mahindra.

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.

PPC's share price fell 3.5% to R6.65 on Thursday morning after it informed shareholders it had been jilted on Monday by one of its three suitors, Dublin-based CRH.

PPC last month reported a 36 percent rise in half-year earnings, helped by a robust performance in Zimbabwe and Rwanda.


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