Business: Brazilian construction giant launches takeover bid for Portuguese Cimpor
The news was first published by the online edition of Portuguese Jornal de Negócios and market sources confirmed the Brazilians’ intention.
Brazilian construction conglomerate Camargo Corrêa (CC), which owns 32.9% of Portuguese cement manufacturer Cimpor said Friday, 30 March, they were about to launch a takeover bid for the remaining share capital in the company.
The news was first published by the online edition of Portuguese Jornal de Negócios and market sources confirmed the Brazilians’ intention.
This is not this first time such an operation has been on the table.
Last October CC and another Brazilian cement company, and Cimpor shareholder, Votorantim were in talks to buy out the Portuguese company.
Camargo Corrêa and Votorantim jointly own over 54% of the Cimpor capital.
Cimpor shares closed 1.44% up Friday.
(Photograph: All Rights Reserved)
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