Portuguese cement producer Cimpor will no longer own a stake in local bank BCP according to a preliminary agreement between Cimpor and builder Teixeira Duarte.
The accord envisages the sale of Cimpor’s stake in construction materials producer C+PA to Teixeira Duarte.
Cimpor, in turn, will acquire the cement assets of C+PA.
After integrating Cimpor’s 48% shareholding in C+PA, Teixeira Duarte will become owner of 100% in the construction materials company while at the same time gaining control of C+PA’s 2.18% in BCP.
The exposure to BCP last year impacted negatively Cimpor’s results.