Votorantim halts talks over Secil stake

Votorantim halts talks over Secil stake
Published: 12 March 2004

Brazilian cement company Votorantim (VCP) has apparently called off talks with Portugal cement company Semapa over buying a 41 per cent stake in Semapa unit Secil, Publico reports. No reason has been announced. CRH and Cemex may now be re-evaluating their own positions if this reversal by Votorantim proves correct. This news may also make it more difficult for Semapa to pay for 30 per cent of pulp maker Portucel being sold by the government, as it had counted on receipts from the stake sale to finance an eventual acquisition.  Semapa is one of five candidates who have tendered offers for the Portucel privatization.