Kenya’s ARM latest takeover target as cement makers scramble for Africa
London/Nairobi — ARM Cement the Kenyan building-materials supplier, is the newest takeover target in the battle among the world’s biggest cement makers to expand in Africa, according to people familiar with the matter. ARM’s owners are exploring a sale, said the people, who asked not to be identified because the talks are private. The Nairobi-based company is currently valued at about $133m on the Nairobi Securities Exchange, though the sellers are seeking more than double that amount, the people said. ARM’s two biggest shareholders are CDC Group, a development-finance institution owned by the UK government that invested last year, and the founding Paunrana family. "We are in the process of finding an equity and a strategic buyer to inject equity into the business," ARM MD Pradeep Paunrana said by phone on Friday. "The process is on and we expect, over the next few weeks, to complete the process." Rival cement companies, including LafargeHolcim, the world’s biggest, HeidelbergCement...
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