Having failed to impress Cimpor with its original bid back in December, CSN has made an alternate offer – a smaller stake at a higher price. CSN is offering to purchase one third plus one share of the Portuguese cement producer at 7.4% above its initial offering. Thomson Reuters estimates that the value of the transaction could reach €1.39 billion.
According to Portuguese law, a company may hold up to 33% stake in another company without having to make a takeover bid; if larger, a bid must be presented.
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.