Portland denies talks to buy Texas Industries

Portland denies talks to buy Texas Industries
Published: 18 June 2007

Spain’s largest cement manufacturer Portland Valderrivas denied Friday it was in talks with Texas Industries (TXI) to buy the US cement company.

"Cementos Portland Valderrivas states that talks, negotiations or any decision regarding the cement company TXI do not exist nor have existed," the unit of local builder Fomento de Construcciones y Contratas said in a filing to the National Securities Commission (CNMV).

Earlier on Friday, the CNMV suspended trading in Portland’s shares in the morning following a report by Spanish financial daily Expansión that it was studying the possible purchase of TXI. On resuming trade, Portland’s stock closed down 0.94 per cent.