Newsbyte: New bid for a stake in Cimpor

Banco BPI SA analysts report that Camergo Correa SA has launched a bid to buy a minority stake in Cimpor in what it is describing as “more politically acceptable” than the competing offer from the Brazillian steel player,Companhia Siderurgica nacional SA (CSN).Camergo Correa said it plans to buy an initial stake of 15% to 25% in a move to merge its cement business into Cimpor in order to get a stake that would be less than 50%.The company  focuses on five main divisions: Engineering and construction; cement; footwear, textiles  and steel; concessions and real estate.Ten years ago Portugal’s government blocked a bid for Cimpor from Holcim Ltd and a Portuguese partner.It now no longer has the power to veto a sale and last month CSN asked for government support for its proposal, promising to keep Cimpor as a publicly traded company in Lisbon.

Today Lafarge denied reports in the Portuguese press that it had concluded an agreement to sell its 17.3% share in Cimpor to Camergo Correa SA.

Read the article online at: https://www.worldcement.com/europe-cis/15012010/newsbytez_new_bid_for_a_stake_in_cimpor/