Brazilians buy big stake in Portuguese cement firm
(AP) — Brazilian construction company Camargo Correa SA said Wednesday it paid €975 million ($1.35 billion) for a 22 percent stake in Portugal's largest cement company, Cimpor, which is already the target of a takeover bid by Brazilian steelmaker Companhia Siderurgica Nacional.
Camargo Correa, one of Brazil's largest construction businesses, said in a statement it bought almost 150 million Cimpor shares from Portugal's Teixeira Duarte at a price of €6.5 a share. Teixeira Duarte was Cimpor's largest shareholder.
Rio de Janeiro-based Companhia Siderurgica Nacional, which launched its takeover bid in December, is offering €5.75 a share. Cimpor's board rejected that bid, saying it was too low.
Brazilian conglomerate Votorantim has also expressed interest in Cimpor.
Camargo Correa said it wants to enter a partnership with Cimpor to build up its presence abroad.
Cimpor has business in 12 foreign countries, including Brazil, Spain, Egypt, South Africa, Turkey, India and China.
Sarra Sounds Off, Ep. 20: Longo named football coach at SWR On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with new Shoreham-Wading River football coach Paul Longo and Jared Valluzzi has the plays of the week.
Sarra Sounds Off, Ep. 20: Longo named football coach at SWR On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with new Shoreham-Wading River football coach Paul Longo and Jared Valluzzi has the plays of the week.
