Dangote backs out from bid to acquire South Africa’s biggest cement producer

 Nigeria’s Dangote Cement has withdrawn its interest to tie-up with the South African firm, sending its shares more than 11 percent lower.

Africa’s richest man Aliko Dangote joined the race in September to buy South Africa’s biggest cement producer. PPC is already the subject of an all-share merger bid that values the firm at $700 million by local rival AfriSam.

Shares in PPC fell 11.63 percent after the announcement, before recovering some ground to trade 9.77 percent lower at 5.82. (Reuters)