Reuters: Deals: Brazil's Camargo launches bid for Cimpor

Reuters: Deals Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Brazil's Camargo launches bid for Cimpor Mar 30th 2012, 23:33 Tweet Share this Email Print A car drives into a tunnel constructed by Camargo Correa in Sao Paulo January 8, 2010. Credit: Reuters/Paulo Whitaker Related News UPDATE 3-Brazil's Camargo launches bid for Cimpor 7:30pm EDT Camargo launches bid for Cimpor at 5.5 euros/share 4:23pm EDT Analysis & Opinion America's path to alternative energy runs through Brazil Related Topics Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Brazil » LISBON | Fri Mar 30, 2012 7:33pm EDT LISBON (Reuters) - Camargo Correa, Brazil's second-largest construction group, launched a bid on Friday for the 68.1 percent it still does not own of Portuguese cement producer Cimpor (CPR.LS), according to a securities filling. São Paulo-based Camargo, whose Brazil-based cement unit is the nation's fifth-biggest, controls 32.9 percent of Cimpor. A Cimpor spokesman in Lisbon said the company had no comment. Camargo Correa might be taking advantage of depressed valuations in the troubled Portuguese economy to win control of the cement producer, which also has the fourth spot in Brazil's cement market. In 2010, Camargo Correa teamed up with industrial conglomerate Grupo Votorantim VOTOR.UL to thwart Brazilian steelmaker CSN's (CSNA3.SA) bid for full control of Cimpor. Votorantim will analyze the proposal by Camargo, according to a securities filling. Votorantim is the largest producer of cement in Brazil, followed by Holcim, France's Lafarge (LAFP.PA) and Cimpor, according to figures by SNIC. Camargo Correa, Votorantim and four other rivals colluded to fix prices, hampering competition in the Brazilian cement market in the midst of a construction boom, an antitrust body said last November. Portuguese media reported at the end of last year that both Camargo Correa and Votorantim were preparing to buy Cimpor minority shareholders out. Votorantim holds 21 percent of the Portuguese company. Cimpor shares closed 1.44 percent higher at 5 euros per share on Friday. (Reporting by Sergio Gonçalves and Axel Bugge; additional reporting by Alberto Alerigi Jr., Guillermo Parra-Bernal and Fabio Couto; editing by Greg Mahlich, Gary Hill and Andre Grenon) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions