South Africa's biggest cement producer PPC said on Friday it expected Canada's Fairfax Africa Investments to raise its takeover offer that valued the firm at about 9.2 billion rand ($700 million).
The all-share offer from Fairfax and AfriSam on Sept. 4 valued PPC shares at 5.75 rand but expectations of higher bid, either from Fairfax or others such as Nigeria's Dangote Cement, have kept them above that level.