Cement News tagged under: Camargo Corrêa
Ricardo Lima to become new Cimpor CEO, Portugal25 June 2012, Published under Cement NewsRicardo Lima, currently vice president of operations of InterCement, is to be the new CEO of Cimpor following, parent company, Camargo Corrêa’s takeover of the Portuguese cement major last week. Ricardo Fonseca de Mendonca Lima has been at his current role at InterCement since 2004. Last Wednesday, Brazilian industrial conglomerate Camargo Correa completed its takeover of Cimpor, controlling 94.8 per cent of the producer after the bid. The deal will involve an asset swap with Votorantim,... |
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... |
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... |
Camargo Correa rejects Cimpor proposal as ‘unrealistic’15 May 2012, Published under Cement NewsBrazilian conglomerate Camargo Correa has rejected Cimpor management's counter-proposal for a merger with Camargo's cement unit, saying it was "unrealistic,” Reuters reports. Cimpor's board, which had earlier said the price of EUR5.5/share offered by Camargo was too low, said on Saturday a merger would widen Cimpor's portfolio and create better synergies, preventing the withdrawal of another Brazilian shareholder, Votorantim. Its proposal involves paying up to EUR1/share in dividends to C... |
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... |
Cimpor03 May 2012, Published under Cement NewsCimpor's defence document claims that the Camargo Correa bid significantly undervalues the company. It points out that the €5.50 per share offer compares unfavourably with the €6.50 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 €5.75 per share bid for Cimpor by the steel company Companhia Siderurgica National (CSN) just over two years ago, that led to Camargo Correa and Votorantim m... |
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... |
Camargo Correa on Rating Watch Negative09 April 2012, Published under Cement NewsFitch Ratings has placed all of the ratings of Camargo Correa and its subsidiaries on Rating Watch Negative following the Brazilian conglomerate's announcement that it intends to buy full control of Cimpor. Last week Camargo made a public offer for the remaining 67 per cent of Cimpor which it does not own. At EUR5.5 per share, the deal is the equivalent to EUR2.5bn. Fitch views the proposed transaction as negative to Camargo's credit quality considering potential leverage being added to... |