Argentina Loma Negra sale finalises

Argentina Loma Negra sale finalises
Published: 23 December 2005

Argentina Loma Negra sale finalises

The sale of Argentina ’s cement maker Loma Negra to Brazil ’s Camargo Correa for US$1.025bn has finalised. The purchase contract to acquire Holdtotal SA shares was signed in New York . Holdtotal S.A. is the holding that controls Loma Negra, Cemento Portland and Cocif.

Until the deal is approved by Argentina ’s National Commission for the Defense of Competition, both parts agreed a joint administration of the business.

Of the US$1.025bn, US$400m were transferred to Amalia Lacroze de Fortabat; US$425m are to be paid between four and five years, and Grupo Camargo will assume a US$200m debt.