Brazilian group Camargo Corrêa has launched a takeover bid for Portugal-based cement group Cimentos de Portugal (Cimpor), in which it is already the largest shareholder with a stake of 32.9 percent.
The bid, which was announced by Camargo’s subsidiary InterCement Austria Holding GmbH, has already been approved by Portuguese state banking group Caixa Geral de Depósitos (CGD) which announced it would sell its 9.58 percent stake in Cimpor, which is conditional upon Brazilian group Votorantim Cimentos allowing CGD to opt out of the shareholders’ agreement the two groups have.
Camargo Corrêa offered 5.50 euros per share, which is a premium of 10 percent on the group’s share price Friday, which values the company at 3.2 billion euros.
Camargo Corrêa owns a 32.9 percent share of Cimpor, and Votorantim has 21.2 percent of shares, Portuguese businessman Manuel Fino owns 10.7 percent and the Pension Fund of Portuguese bank BCP owns 10 percent.
In its takeover announcement Camargo said that it wanted to give the Portuguese company a “coherent and stable” shareholder structure, and also said it may in future add its own assets in the cement sector in South America and Angola to Cimpor.
The Cimpor group is present in a number of countries, namely in China, where it has a production capacity of 6.0 million tons of cement per year and has two cement plants, one clinker plant and two cement grinding units. (macauhub)