Cement News tagged under: Votorantim
Cimpor asset swap to lift Votorantim capacity by 15Mta28 June 2012, Published under Cement NewsVotorantim Cimentos and InterCement (part of the Camargo Corrêa Group) have signed an agreement to undertake a corporate reorganisation of Cimpor. The procedure will give Votorantim control over the Portuguese cement company's assets in seven countries and result in the full separation of Votorantim and InterCement as Cimpor shareholders. After securing approval in all legal steps foreseen for the reorganisation, Votorantim Cimentos will also go on to operate in Turkey, Morocco, Tunisia, ... |
Camargo completes Cimpor takeover, Portugal21 June 2012, Published under Cement NewsBrazilian conglomerate Camargo Correa has completed its takeover of Cimpor, now controlling 94.8 per cent of the Portuguese producer, Cimpor said in a statement on the CMVM market regulator's website. The success of the move was largely expected by analysts who will now look at the terms in which the company's assets will be split between Camargo and Votorantim. The deal includes an asset swap with Brazil-based Votorantim, Cimpor's second largest shareholder. Camargo will integrate its Sou... |
Votorantim06 June 2012, Published under Cement NewsThe Votorantim Industrial group increased its turnover by 6.3% to BRL5738m (€2293m), but the pre-tax profit fell by 58.7% to BRL339m and capital expenditure amounted to approximately BRL760m. Votorantim Cementos represented some 57% of the group EBITDA and 52% of capital expenditure in the quarter. Cement production rose by 8.3% to 6.33Mt, of which 0.52Mt, or 8.2%, was in Canada and the United States. North American volumes rose by 24.3%, helped by a milder winter, while Brazilian cem... |
Camargo Correa takeover of Cimpor to involve asset swap30 May 2012, Published under Cement NewsA takeover bid by Camargo Correa for Cimpor will involve an asset swap to buy out Votorantim, Portugal's securities regulator CMVM said on Tuesday, Reuters reports. CMVM approved the previously-announced EUR5.5/share bid under these terms and said the remaining shareholders in Cimpor would have between Wednesday and June 19 to decide whether to sell their stakes. Camargo Correa, which is already the largest single shareholder in Cimpor with a 33 per cent stake, launched a EUR2.5bn bid for ... |
Brazil may approve Camargo's Cimpor stake – report21 May 2012, Published under Cement NewsBrazil's antitrust regulator Cade may approve Camargo Correa's stake in Portuguese cement maker Cimpor Cimpor but reject the stake of rival Votorantim Cimentos, according to reports by newspaper Valor Economico. Cade has been analysing Votorantim and Camargo Correa's separate purchases of minority stakes in Cimpor since February 2010, which frustrated an acquisition attempt by Brazilian steelmaker CSN. Camargo Correa has raised its stake since then to nearly 33 percent of Cimpor. Camarg... |
Votorantim first-quarter driven by Brazilian housing and infrastructure16 May 2012, Published under Cement NewsVotorantim Industrial reported that first-quarter revenues increased for all businesses YoY, except for pulp, supported by business focused on the Brazilian market, mainly driven by housing and infrastructure. Sales volume increased in cement, nickel and pulp, while it decreased in long steel and zinc. Consolidated net revenues and Ebitda amounted to BRL5.7bn and BRL$1bn, an increase of 6% and a decrease of 20%, respectively. EBITDA margin declined from 22.8% to 15.7%, impacted by the meta... |
Camargo says Votorantim to likely exchange Cimpor stake - report08 May 2012, Published under Cement NewsCamargo Correa SA said Votorantim Cimentos SA will probably accept some of Cimpor assets in exchange for its shares in the Portuguese company after rejecting a cash bid, Bloomberg reports. “There is a very strong probability that Votorantim Cimentos SA will accept this offer,” Camargo Correa’s Intercement unit said in an emailed statement. Votorantim has decided not to accept Camargo’s EUR5.5-a-share cash bid for Cimpor, it said. By splitting up some of Cimpor’s assets, Camargo Correa, Br... |
Cimpor defence document rejects Camargo Correa bid16 April 2012, Published under Cement NewsThe Cimpor defence document claims that the Camargo Correa bid significantly undervalues the company. It points out that the EUR5.50 per share offer compares poorly with the EUR6.50 per share paid by Camargo Correa for the shares it acquired from Teixeira Duarte and from Bipadosa in 2010. Not only that, it is also lower than the failed EUR5.75/share bid for Cimpor by the steel company Companhia Siderurgica National (CSN) just over two years ago, that led to Camargo Correa and Votorantim ge... |
No asset sales in proposed Cimpor buyout11 April 2012, Published under Cement NewsJose Barros Franco, chief executive of Intercement, a subsidiary of Brazil's second-largest construction group Camargo Correa does not expect to have to sell any assets if its buyout of Cimpor goes ahead as planned. In a written reply to questions from Reuters the bid price of EUR5.5/Cimpor share was "fair", but would not say if the company would consider sweetening the offer. Portuguese conglomerate Semapa has made a proposal to major shareholders in Cimpor to try to keep it in Portugu... |
Cimpor acquisition good for competition06 April 2012, Published under Cement NewsThe buyout of Cimpor, Portugal, by Camargo Corrêa of Brazil would improve competition by reducing the market share of dominant player, Grupo Votorantim, according to Brazil’s antitrust regulator. "In principal, I can say that would be better than Votorantim concentrating even more of the market. But I can't say that solution is enough," said Olavo Chinaglia, the head of the Brazilian antitrust agency Cade, reported Reuters. Camargo Corrêa, the country’s second-largest construction grou... |