Camargo Correa completes acquisition of Loma Negra

Camargo Correa completes acquisition of Loma Negra
Published: 29 June 2005

Loma Negra and Camargo Correa have informed the Argentine government that both companies completed all the stages of the negotiation process for the transfer of the Argentine cement manufacturing company to the Brazilian holding. The notification that the transaction, on the companies point of view, has been completed was delivered to Comissio Nacional de Defesa da Competicao (CNDC), the Argentine antitrust body. The operation will be analysed by Argentine authorities. A source of Loma Negra, affirmed the company will be under the management of the Argentine owners until the contract is made official. Camargo Correa paid US$1.025bn for Loma Negra, which is the largest cement producer of Argentina with nearly 50 per cent of the local market. The company owns nine plants, a railroad concession, a residues treatment plant and a concrete plant. Its closest rivals are Minetti (Holcim) and Avellaneda (Molins and Uniland).