Shares in Portuguese cement company Cimpor surged to a nearly five-year high on Wednesday as the sale of about 4.5 per cent of its stock sparked speculation that stakeholdings may be being consolidated. Cimpor hit Euro 5.05, its highest level since mid-2001, before paring gains. Volume was 30.5 million shares, including a 30-million-share block sale at Euro 4.80. "The market is starting to speculate that this sale has to do with shareholder consolidation," a trader said.
Builder Teixeira Duarte holds about 23 per cent of Cimpor, and France’s Lafarge , the world’s biggest cement maker, has 12.6 per cent. Investor Manuel Fino has 14.6 per cent, and bank Millennium bcp holds 10 per cent of Cimpor. Credit Suisse has 8.4 per cent. The Berardo Foundation, controlled by tycoon Joe Berardo, has 4.4 per cent. HSBC has 2.99 per cent, ING 3.08 per cent and Cementos Molins 3 per cent.