Less than 9% of shareholders have taken up CSN’s offer to purchase a 33% stake plus one share in Cimpor, the Portuguese cement manufacturer at the centre of takeover talks for the last few months.
This failure will not necessarily put CSN off altogether; they may come back with an alternative offer or attempt to purchase a stake through other means. Interest in Cimpor is so high because of the company’s interests in emerging markets, particularly Brazil, where demand is expected to rise in the lead-up to the 2014 FIFA World Cup and the 2016 summer Olympics.
Lafarge has sold to Votorantim its 17.28% interest in Cimpor. The transaction will be completed in principle through an exchange of the Cimpor shares held by Lafarge for certain of Votorantim's assets in Brazil.