Fairfax and PPC deal terminated

Fairfax intended to buy a 23 percent stake in PPC for R2 billion, but the deal has fallen through

Canada’s Fairfax Africa Investments Proprietary has said it will no longer be acquiring the stake in the South African cement manufacturer.

PPC said in a statement:

“On 8 December 2017, the Independent Board received Fairfax’s formal notification that it will not proceed with the partial offer and that, accordingly, the Fairfax partial offer circular will not be posted to PPC shareholders.”

Pictured: PPC CEO, Darryll Castle