Brazil’s Camargo Correa SA has completed a €2.5 billion takeover of Cimpor, with a €5.50 per share offer.
Previously, Camargo held a third of the Portuguese company’s shares, whilst Votorantim Cimentos SA, Camargo Correa’s Brazilian competitor, owned 21% of Cimpor. Both companies purchased a stake in Cimpor in 2010.
Cimpor is the fourth largest producer of cement in Brazil and operates in 11 countries, including those in Africa and emerging markets. Camargo plans to carry out an asset-for-stake swap with Votorantim, exchanging Cimpor’s assets in Peru, Turkey, Tunisia, Morocco, India, Spain and China for Votorantim’s shares in the company. Camargo is to keep possession of Cimpor’s Brazilian and African operations.
Edited from various sources by Louise Fordham.
Read the article online at: https://www.worldcement.com/the-americas/03072012/cement_cimpor_camargo_correa_votorantim_portugal_brazil_sale_1152/