Economy

Nigeria's Dangote withdraws tie-up deal with PPC

Date: Oct 6, 2017

PPC said on Friday that Nigeria's Dangote Cement has withdrawn its interest to tie-up with the South African firm, sending its shares more than 11% lower.

Africa's richest man Aliko Dangote joined the race in September to buy South Africa's biggest cement producer. PPC is already the subject of an all-share merger bid that values the firm at $700 million by local rival AfriSam.

Shares in PPC fell 11.63% after the announcement, before recovering some ground to trade 9.77% lower at 5.82.

--reuters--

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