Brazil’s Camargo Correa group to pay nearly 1 billion euros for Cimpor stake

11 February 2010

Lisbon, Portugal, 11 Feb – Brazil’s Camargo Correa group has agreed to acquire the 22.17 percent stake held by Portuguese construction firm Teixeira Duarte in the capital of Cimpor-Cimentos de Portugal, according to information sent to the market regulator.

The Brazilian group, which per terms of the agreement may acquire 3 percent more of Cimpor’s capital held by third parties, will pay Teixeira Duarte 6.50 euros per share, for a total of 968 million euros.

Camargo Correa “has systematically and consistently reiterated its continued interest and commitment to pursuing a strategy that enables the bases for a sustained industrial project to be launched, for the long term and creating high value for both groups of companies and all its shareholders,” indicates the note released by the Brazilian group.

“Acquisition of this stake attests to confidence in Cimpor’s future and indicates Camargo Correa’s serious readiness to establish a lasting presence in a framework of shareholding stability, as a partner for all those who want a stronger Portuguese Cimpor, but with ambition and international presence,” the note adds.

Teixeira Duarte estimates in turn that the operation may impact first quarter 2010 accounts for the amount of nearly 300 million euros in individual results and 90 million euros in consolidated results. (macauhub)