South Africa: PPC has said that its independent board would not recommend Canadian firm Fairfax Africa Investments' partial offer to shareholders, considering it neither fair nor reasonable. In September 2017 Fairfax offered to buy 22% of PPC for US$144m on the condition that PPC accepted a merger proposal with rival AfriSam.
"The Independent Expert, having considered two possible outcomes of the proposed merger, is of the opinion that the partial offer, both in the context of the proposed merger as well as on a stand-alone basis, is not fair and reasonable," said PPC in a statement.