Johannesburg - South Africa's biggest cement maker PPC Ltd has ended merger talks with unlisted rival Afrisam Group, the firm said on Friday, sending its shares nearly 5 percent higher.
Both Afrisam and PPC did not disclose details of the value of the promised merger.
“The Board has considered the proposed merger and its merits, and has decided not to proceed,” PPC said in a statement.
By 10h23 GMT, shares in PPC rose 4.62 percent at R18.79.
Afrisam, majority owned by state-owned pension fund Public Investment Corporation, said it could not reach a consensus on the terms of the merger.
“AfriSam will continue implementing its growth strategy,” the firm said in statement.
Reuters