CSN sweetens bid for Cimpor while EU Commission clears purchase

CSN sweetens bid for Cimpor while EU Commission clears purchase
Published: 16 February 2010

Brazilian steelmaker and iron ore producer CSN has raised its bid to acquire Portuguese cement producer Cimentos de Portugal (Cimpor) to €6.18 (US$8.42)

Meanwhile,  The European Commission cleared the acquisition of Portugal cement maker Cimpor by Brazilian steel company Companhia Siderurgica Nacional, the EU executive said in a statement on Monday.

"The transaction would not significantly impede effective competition in the European Economic Area," the Commission said.

"The parties are not active on the same markets in Europe. Also, CSN does not produce not sell any cement additives in Europe," it said.

CNS plans to buy one third plus one share of CIMPOR in a deal valued at €1.39bn  (US$1.89bn).