CSN, the Brazilian steel maker that initially made a bid to take over Cimpor, is continuing to push forward its offer of €3.86 billion, despite being rejected last month. The bid has now been registered with the Portuguese stock market regulator, but has not been increased in spite of Cimpor’s statement that the amount proposed significantly undervalued the company. CSN has until 17 February to get Cimpor’s shareholders to agree to sell at least 50% plus one share.
Votorantim, the Brazilian conglomerate, has come forward to declare its position after reports surfaced that it too was considering a takeover bid. In a statement, the company said: “Votorantim has been maintaining direct and individual contacts with shareholders in Cimpor since 2008, having discussed possible acquisition of a minority stake that would represent less than 33 percent of the total and voting capital in Cimpor”. Votorantim added that it is not considering “a takeover offer for Cimpor or any merger”.
Meanwhile, the third Brazilian party, Camargo Corrêa, has withdrawn its proposal to acquire a minority stake in the company. In a letter to Cimpor, Camargo Corrêa stated that it will ‘continue with efforts to be a part of the solution to ensure the growth and protection of the company’.
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