BCP rejects Berardo’s offer for 10 per cent of Cimpor

BCP rejects Berardo’s offer for 10 per cent of Cimpor
Published: 17 July 2007

Banco Comercial Portugues has rejected Portuguese businessman Joe Berardo’s offer for its 10 per cent stake in Portugal’s largest cement company Cimpor, Publico reported.
According to the daily newspaper, BCP chairman and CEO Paulo Teixeira Pinto rejected Berardo’s offer because the timing was ’inopportune’, given the ongoing dispute between the bank’s executive and supervisory boards.  
Cimpor is an important issue in the dispute at BCP as the cement company’s main shareholder and CEO Pedro Teixeira Duarte supports BCP’s founding chairman Jorge Jardim Goncalves, while the other main shareholder Manuel Fino supports BCP CEO Teixeira Pinto, said the newspaper.  
Cimpor does not have a majority shareholder and whoever obtains control of the 10 per cent owned by BCP will be able to make alliances to control the cement company.  
Berardo’s offer is seen as an attempt to make gains from this instability, Publico adds, highlighting that the businessman sold his stake in Cimpor about two years ago making a EUR60m profit.