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PPC gets cement merger offer from AfriSam

“The board is considering the indicative proposal”.

PPC, South Africa’s biggest cement company, received an offer from competitor AfriSam Group about a merger of the two companies.

“The board is considering the indicative proposal and will make a further announcement in due course,” Johannesburg-based PPC said in a statement today.

PPC shares gained as much as 6.5%, the most on an intraday basis since March 2009, and traded 4.13% higher at R24.99 rand as of 1:38 pm in Johannesburg.

©2014 Bloomberg News

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