Brazil Votorantim to buy stake in Portugal's Cimpor
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IRJ Feb 4 - Brazilian cement maker Votorantim Cimentos said on Wednesday it reached a deal to buy a stake in its Portuguese counterpart Cimpor
Votorantim Cimentos, a unit of Brazilian industrial conglomerate Grupo Votorantim, said in a securities filing it has agreed to a stock swap with France's Lafarge (LAFP.PA) for a 17.28 percent stake in Cimpor.
The Brazilian company also said it reached an agreement with Portuguese state-run bank Caixa Geral de Depositos to win control of 9.6 percent in Cimpor. Under terms of the deal Votorantim would have to remain a minority shareholder in Cimpor.
At current market prices, a 17.3 percent stake in Cimpor is worth about 716 million euros ($1 billion).
Cimpor is already the target of a $5.5 billion takeover bid by Brazilian steelmaker CSN, currently a minor player in Brazil's burgeoning cement market.
Votorantim Cimentos, a unit of Brazilian industrial conglomerate Grupo Votorantim, said in a securities filing it has agreed to a stock swap with France's Lafarge (LAFP.PA) for a 17.28 percent stake in Cimpor.
The Brazilian company also said it reached an agreement with Portuguese state-run bank Caixa Geral de Depositos to win control of 9.6 percent in Cimpor. Under terms of the deal Votorantim would have to remain a minority shareholder in Cimpor.
At current market prices, a 17.3 percent stake in Cimpor is worth about 716 million euros ($1 billion).
Cimpor is already the target of a $5.5 billion takeover bid by Brazilian steelmaker CSN, currently a minor player in Brazil's burgeoning cement market.
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