Loma Negra sale enter its final phase
The Argentinean lawyer Eugenio Aramburu is reportedly in New York negotiating the final details of the sale of Loma Negra, Argentina’s largest cement company, to Camargo Correa, the Brazilian holding company. Mr. Aramburu was hired by Argentinean businesswoman Amalia Lacroze de Fortabat to negotiate the sale of her cement business to the Brazilian group.
Fortabat, the Argentinean group, put Loma Negra up for sale in August 2004. It hired the US investment bank JP Morgan to find a buyer for the cement maker and set the minimum price at US$1bn. The US bank found the minimum price too high and turned down the offer to advise Fortabat on the operation. Lafarge, the French cement company, has also found the price for Loma Negra too high and withdrew from the sale.
Loma Negra ended 2003 with a turnover of Pesos$534m and a 48 per cent market share. It has nine plants and 1130 workers.