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Camargo Correa seeks sale of US1.2 billion cement stake

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World Cement,

Camargo Correa in intending to offload a stake in cement maker InterCement. The sale could reach 3.6 billion reais, with the intention of utilising the funds to make new overseas investments.

According to Brazilian press, Camargo Correa is hoping to sell between 10 and 18% of InterCement for a value between 2 billion and 3.6 billion reais.

InterCement is a major cement producer in Portugal, Argentina, Mozambique and Brazil.

According to reports, Camargo Correa's 8.2 billion reais of debt has forced the company to search for a minority partner and seek growth opportunities in Egypt, Mozambique and Paraguay.

Edited from source by Joseph Green. Source: Reuters

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