Portugal’s stock market regulator, the CMVM, said Tuesday it has authorised the sweetened bid by Brazilian steel major Companhia Siderurgica Nacional (SID) for Cimpor.
CSN Friday raised its takeover bid for all of Cimpor 7.5% to EUR6.18 for each Cimpor share, valuing the Portuguese cement maker at EUR4.15bn. The revised bid is conditional on approval from the regulator and on CSN securing at least one-third of Cimpor’s shares.
Cimpor shareholders have until Feb. 22 to accept the revised offer, the CMVM said.
The increased offer heats up the race by Brazilian companies for control of Cimpor, which is also a target of privately held construction firm Camargo Correa and rival conglomerate Votorantim.
Votorantim and Camargo Correa in recent days have each secured large chunks of Cimpor and now jointly control more than 50% of the Portuguese company.