PPC confirmed this on Monday in a further cautionary announcement.
It follows PPC in February this year issuing a cautionary announcement in which it disclosed the two companies had entered into a heads of terms agreement to assess the merits of a potential merger between the two companies and to enter into formal discussion about such a merger.
Read also: PPC proposes merger with Afrisam
AfriSam, which was previously known as Holcim South Africa and was taken over by the Government Employees Pension Fund in December 2011, made a conditional, non-binding proposal to PPC in December 2014 about a merger, but PPC rejected that proposal a few months later.
Shares in PPC dropped 0.6 percent on the JSE to close at R6.66.