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PPC Extends Battle for African Cement Maker by Ordering Review

JOHANNESBUG (Capital Markets in Africa) – PPC Limited hired Investec Plc to review an offer by Fairfax Financial Holdings Ltd. for South Africa’s biggest cement maker and said other interested bidders should be granted enough time to conduct full due diligence. Investec has been appointed to consider the partial offer by Toronto-based Fairfax and the planned merger between PPC with local rival AfriSam Group Pty Ltd. that’s part of the proposal, Johannesburg-based PPC said in a statement Tuesday….

Aliko Dangote Ups Bidding War for PPC With Cash, Share Offer

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fuelling a bidding war. “We are waiting for them to get back to us, hopefully early next week,” Aliko Dangote said in an interview with Bloomberg TV in New York. “They can be part and parcel…

Ma, Dangote, Blankfein to Meet World Leaders at Bloomberg Event

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LAGOS (Capital Markets in Africa) – As global chief executives wrestle with how to engage with government leaders, a group including Alibaba’s Jack Ma and Aliko Dangote, Africa’s richest man, will convene more than 100 fellow business leaders to meet with dozens of heads of state in September. The Global Business Forum will take place in New York during the United Nations annual General Assembly meetings, Michael R. Bloomberg said today in a statement. Bloomberg is the founder…

Aliko Dangote – Richest Man in Africa to Invest Abroad After $10 Billion Oil Bet

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LAGOS (Capital Markets in Africa) – “Nothing is impossible.” These three words are on a plaque that Aliko Dangote keeps on his office desk in Lagos, Nigeria, constantly reminding Africa’s richest man how to approach the world. Dangote, who was worth $12.3 billion as of mid-August, according to the Bloomberg Billionaires Index, is modest in his personal life but bold in business.Presiding over an empire that includes cement, freight, infrastructure, agriculture, and—soon—oil refining, Dangote, 60, possesses a…

Dangote $700 Million Deal to Meet Third of Nigeria’s Sugar Needs

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LAGOS (Capital Markets in Africa) – A Dangote Industries Ltd. subsidiary will invest $700 million in a central Nigerian project that seeks to produce almost a third of the sugar consumed in Africa’s most populous nation. Tunga Sugar project, in the central state of Nasarawa, will be made up of a 60,000-hectare (148,260-acre) plantation and two factories with combined capacity of 430,000 metric tons of refined white sugar, Dangote Group’s president, Aliko Dangote, said in a…

Dangote to Invest $1 Billion in Nigeria Rice Production

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LAGOS (Capital Markets in Africa) – Dangote Group is making a five-year investment of at least $1 billion to grow and process rice in seven Nigerian states, bringing sub-Saharan Africa’s biggest importer of the grain closer to its goal of self-sufficiency. Dangote Rice Ltd., a unit of the Lagos-based company, plans to increase cultivation of paddy, or raw rice, to 150,000 hectares (371,000 acres) and harvest an annual 1.7 million metric tons by 2019. Most of…