Portugal: CSN expected to increase bid for Cimpor

Portugal: CSN expected to increase bid for Cimpor
Published: 05 January 2010

Brazilian steelmaker CSN could increase its offer of 3.86bn euros (US$5.56bn) for Portugal’s largest cement producer Cimpor, SLW brokerage’s steel market analyst Pedro Galdi told BNamericas.

On December 30, the Brazilian steelmaker filed a request to the Portuguese securities commission (CMVM) to purchase Cimpor. The request is now pending CMVM analysis and approval.

"Cimpor shareholders have eight days [after CMVM approval, expected this week] to say whether they want to sell the company or not," Galdi said. "But I think if Cimpor does not accept their EUR3.86bn offer, I believe CSN will continue to pursue a higher bid and go all the way."