CRH, the Ireland-based building materials group has ditched its bid to acquire South-Africa based cement supplier PPC.
In November, CRH launched an all-cash bid for PPC for an undisclosed amount.
However, on Thursday PPC said CRH had now decided not to pursue the deal.
“PPC shareholders are advised that on 4 December 2017, CRH formally advised PPC that CRH has decided not to submit an updated expression of interest and therefore considers it appropriate to withdraw from the independent board's process,” said PPC in a statement.
PPC shares were down by around 4% in South Africa trading.