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UPDATE 1-Board of South Africa's PPC rejects Fairfax offer, AfriSam merger

UPDATE 1-Board of South Africa's PPC rejects Fairfax offer, AfriSam merger
From Reuters - November 22, 2017

* PPC board says Fairfax offer not fair and reasonable

* Talks with CRH and LafargeHolcim continue

* PPC shares up more than 2 pct (Adds details, share price, background)

By Nqobile Dludla

JOHANNESBURG, Nov 22 (Reuters) - South African cement producer PPCs board on Wednesday turned its back on a takeover attempt by AfriSam, backed by Canadian firm Fairfax Africa Investments, but PCC said it was still talking to Irelands CRH and Swiss group LafargeHolcim.

PPC has been a takeover target on-and-off for several years, with local-based AfriSam, Nigerias Dangote Cement Irish building materials firm CRH and Switzerlands LafargeHolcim all interested in it.

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