Cimpor gives up on Cecime

Portuguese cement company Cimpor has decided not to continue with the process of acquisition of local importer Cecime, it was reported on August 3, 2004.  The purchase operation was announced on October 28, 2004, but Cimpor decided to withdraw its notification.  Cimpor did not comment the information. The company plans a special announcement on the matter, the timing of which has not been specified, yet.

Cecime was established in 2003 by a group of four Portuguese construction companies, namely Mota-Engil, Sopol, Silva & Silva/Dragados and OPCA, each controlling a 20 pct stake, and by two entrepreneurs, each with 10 pct in Cecime. One of the individuals was Filipe Soares Franco, head of OPCA and Cecime.