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Camargo Corrêa denies takeover bid of Cimpor

Brazil: Construction group Camargo Corrêa has denied that it is in talks to buy a remaining stake in Portuguese cement maker Cimpor.

Camargo Corrêa and industrial conglomerate Votorantim have been reported as being in talks to buy the additional stake. According to one source, Camargo Corrêa plans to take over Cimpor's operations in Brazil while Votorantim would consolidate assets of the Lisbon-based company outside of Brazil.

"There isn't any change in the position of this company regarding Cimpor," Camargo Corrêa said in a statement. Camargo Corrêa and Votorantim currently hold 54.1% of Cimpor.

The value of the remaining stake is about Euro1.5bn based on Cimpor's closing share price on 19 October 2011. Votorantim and Camargo Corrêa acquired 53% of Cimpor early in 2010 after beating an offer from steelmaker Companhia Siderúrgica Nacional.

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Camargo Corrêa denies takeover bid of Cimpor

From : Global coment   Release times : 2018.05.09   Views : 1399

Brazil: Construction group Camargo Corrêa has denied that it is in talks to buy a remaining stake in Portuguese cement maker Cimpor.

Camargo Corrêa and industrial conglomerate Votorantim have been reported as being in talks to buy the additional stake. According to one source, Camargo Corrêa plans to take over Cimpor's operations in Brazil while Votorantim would consolidate assets of the Lisbon-based company outside of Brazil.

"There isn't any change in the position of this company regarding Cimpor," Camargo Corrêa said in a statement. Camargo Corrêa and Votorantim currently hold 54.1% of Cimpor.

The value of the remaining stake is about Euro1.5bn based on Cimpor's closing share price on 19 October 2011. Votorantim and Camargo Corrêa acquired 53% of Cimpor early in 2010 after beating an offer from steelmaker Companhia Siderúrgica Nacional.

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