Camargo Corrêa, through its Austrian subsidiary Intercement Austria Holding GmbH, Vienna, is offering €5.60 per share for Cimpor and will inject its existing cement interests, primarily in Argentina, into Cimpor. The offer runs until 19 of June, and could be extended. Camargo Corrêa has received enough acceptances to secure majority control, at least after the proposed asset exchange with Votorantim. Under an agreement between Camargo Corrêa and Votorantim, Votorantim would exchange its 21.4% interest in Cimpor for the Cimpor assets in Spain, with certain exceptions, Morocco, Tunisia, China, India and Peru and take on 21.21% of Cimpor's debt. It is Camargo Corrêa's intention to subsequently inject its Argentinean and Brazilian cement assets into Cimpor. These currently amount to 8Mt and 7.9Mt respectively, with further additional capacity in the course of construction.

To continue reading this story and have 100% free access to the website, please Register for a subscription to International Cement Review or Login