Shareholders of Cimpor are close to agreement on a new board of directors, Caixa Geral de Depositos chief executive Fernando Faria de Oliveira said. Faria de Oliveira, whose state-owned bank holds 9.6% of Cimpor stock and effectively has the final nod on the makeup of the new board, told reporters in Lisbon: “I think that an enormous effort has been made to reach consensus and I believe this is practically concluded.”

Cimpor investors, including new arrivals Votorantim and Camargo Correa of Brazil, will reach agreement on the firm’s new chairman and other executives by April 14 ahead of an expedited shareholders’ meeting on April 29, added CGD’s chief executive. Lisbon media reported last Thursday that Luis Palha, chief executive of Portugal based food retailer Jeronimo Martins, was formally chosen as Cimpor’s new chairman at a meeting this week between Finance Minister Fernando Teixeira dos Santos and CGD’s CEO.

Source: The Portugal News Online
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