Brazil’s Votorantim confirms bid for Cimpor

Brazil’s Votorantim confirms bid for Cimpor
Published: 27 January 2010

Brazilian private conglomerate Votorantim Participacoes has made a bid for a stake in Cimpor, the Estado news agency reported Tuesday.

Estado said the president of Votorantim’s board, Carlos Ermirio Moraes, confirmed the move early Tuesday afternoon.

According to Moraes, Votorantim had been tracking its Portuguese competitor since 2000 and had decided to stake a minority stake.

Contacted by Dow Jones Newswires, Votorantim was unable to immediately confirm the report.

In a filing with Portugal’s Securities and Exchange Commission on Jan. 19, Votorantim said it wanted no more than 33% of Cimpor.

Votorantim’s name came up as a possible bidder in early January when its Brazilian rival, Camargo Correa made an offer for the company.

The Portuguese regulator subsequently rejected Camargo’s bid of EUR350 million in dividends and a stake ranging from 15% to 25%.