Loma Negra assets price considered too high

Loma Negra assets price considered too high
Published: 04 November 2004

The sale of the Argentinean cement major Loma Negra, being coordinated by JP Morgan, is not defined yet, and among the prospective buyers are Camargo Correa, Votorantim, and Cimpor, while Cemex and Lafarge eventually could be interested on it. Loma Negra has 48 per cent of the Argentinean cement market, and wants a deal in the range of US$1bn, considered high by Lafarge. Loma Negra is a conglomerate of 16 companies, with sales of US$2.6bn in 2003, with the cement business showing an income of US$328.3m, and a production volume of 3Mt