Newsbyte: Camargo told ‘withdraw or comply’

Cimpor continues to make headlines this week as the subject of merger and acquisition propositions from two Brazilian companies, namely CSN and Grupo Camargo Correa.

Camargo put forward a proposal to acquire 15 – 25% of the Portuguese cement manufacturer on 13 January, but has since been informed that its offer does not comply with market regulations, according to which counterbids must target at least the same stake as the original bid and the offer should be at least 2% higher. Camargo has ten days to respond to the demand.

According to reports, CSN continues to seek a deal with Cimpor, and analysts expect the company to increase its original offer, which Cimpor claimed was significantly below what the company deserved.

Meanwhile, a member of Holcim’s executive committee has confirmed that the group has ‘absolutely no plan’ to add its own bid to the mix.

Read the article online at: https://www.worldcement.com/europe-cis/18012010/newsbyte_camargo_told_withdraw_or_comply/