CSN open to talks with Cimpor - CEO

CSN open to talks with Cimpor - CEO
Published: 11 January 2010

Brazilian steelmaker CSN made an aggressive offer for cement producer Cimpor, but it is open to discuss the bid with the Portuguese company’s shareholders, Chief Executive Benjamin Steinbruch said on Friday.

Companhia Siderurgica Nacional, as the Brazilian company is formally known, was offered the 17 per cent stake in Cimpor by Lafarge and then decided to make a bid for the entire company, Steinbruch said in a conference call with reporters.

The EUR5.75 a share offer by CSN, which values Cimpor at about EUR3.86bn (US$5.6bn), is "very aggressive" considering recent takeovers of cement makers and there are no plans to raise the bid for now, he added.

Still, CSN is open to talks with the other Cimpor shareholders, including Portuguese construction company Teixeira Duarte, with a 23 per cent stake, and state-owned Portuguese bank Caixa Geral de Depositos with 9.6 per cent.