South Africa's AfriSam says merger offer for PPC 'fair'

South African cement maker AfriSam said on Wednesday a merger proposal valuing its rival PPC at $700-million was fair, suggesting it has no intention of sweetening its offer. Shares in PPC dropped 2.52% to R6.19 at 1314 GMT, but still well above a R5.75 per share valuation in AfriSam's proposal as the company is also being pursued by Nigeria's Dangote Cement and one other unspecified bidder.