Argentina Loma Negra in advanced talks with Camargo Correa

Argentina Loma Negra in advanced talks with Camargo Correa
Published: 10 November 2004

Argentina’s largest cement maker Loma Negra is in advanced negotiations over its sale to Brazilian Caue Solucioes Construtivas, owned by the Brazilian sector group Camargo Correa, it was reported on November 9, 2004.   Loma Negra is expected to be sold to Camargo Correa for some $1.0 bln (Euro774m). US investment bank JP Morgan and Buenos Aires-based law company Marval, O’Farrell & Mairal will take part in the operation.   The information was neither confirmed, nor denied by Loma Negra, owned by Amalia Lacroze de Fortabat. The company operated nine factories, employs some 1,130 staff and controls 48 pct of the local cement market.   Loma Negra produced 850,000t of cement in 2003 and generated a turnover of 534 mln Argentine pesos (US$181m).