Brazil’s Camargo Correa group has not yet finalized its planned acquisition of Holdtotal, the holding company that controls Argentine cement giant Loma Negra, the cement company reported to the Buenos Aires stock exchange. As of June 22, there was just a letter of intention from Camargo, but nothing more, it said. The deal, announced in April, is valued at US$1.03bn and includes holding company subsidiaries Compaña de Servicios a la Construcció (construction), Ferrosur (rail), Recycomb (waste treatment) and Cementos del Plata (Uruguayan cement distributor).
Loma Negra has nine plants and employs almost 1,900 people. It produces more than 3Mta of cement.
Camargo Correa Cimentos has five plants, employs directly and indirectly almost 1400 people and sells 2.7Mta of cement. The cement business revenue represents 12 per cent of the group’s consolidated gross revenue.