Camargo Corrêa increases Cimpor stake
By Chris Sleight12 February 2010
Camargo Corrêa has increased its shareholding in Cimpor with the acquisition of Spanish steel maker Bipadosa's 6.5% shareholding in the Portuguese cement manufacturer.
The company did not disclose the exact number of shares it had bought or the total investment. However, based on its acquisition earlier in the week of Teixeira Duarte's 22.17% stake in Cimpor for € 968 million (US$ 1.33 billion), the price tag of this latest addition is likely to be around € 290 million (US$ 400 million).
A company statement said, "The investment is in line with the strategy of building a position that will allow Camargo Correa Cement to be an active part in building the future of Cimpor."
Camargo Corrêa said it was also in negotiations to buy a further 3% stake in Cimpor from an unnamed buyer.
In a further development, CSN has announced a revised bid for Cimpor. The company's original suitor is now offering € 6.18 (US$ 8.28) per share and is seeking to acquire a third plus one share of Cimpor's capital. CSN's original offer for Cimpor was at € 5.75 (US$US$ 7.71) per share.