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JOHANNESBURG - PPC shares plunged the most in more than two months after Dangote Cement walked away from a potential takeover of South Africa’s largest cement maker, leaving Canada’s Fairfax Financial Holdings Ltd. as the sole known bidder.

Dangote formally withdrew its interest on Thursday, PPC said in a statement. The Lagos, Nigeria based company indicated last month it was interested in a combination of two of Africa’s largest cement makers, but the approach never got beyond the exploratory stage.

PPC shares slumped as much as 12%, the most since July 24, before trading 5.7% lower at R6.08 as of 12:57 p.m. in Johannesburg.

Read Also: Dangote Cement approaches SA's PPC about takeover deal

The withdrawal of the Nigerian company, controlled by Africa’s richest person, Aliko Dangote, is a blow for investors anticipating a bidding war that would have bumped up PPC’s take- out price.

Toronto-based Fairfax has tabled a partial offer for R2 billion ($146 million) of PPC shares at R5.75 each on condition that the company merges with AfriSam Group Pty Ltd., a local rival. 

PPC Chairman Peter Nelson said Thursday that more than 25% of shareholders opposed that proposal.

-BLOOMBERG