Cement News tagged under: Cimpor

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Brazilian market adjustments

16 July 2012, Published under Cement News

The recently-approved takeover of Cimpor by Brazilian conglomerate Camargo Correa will not only lead to the reorganisation of the Portuguese cement major's operations, but is also set to alter the make-up of the Brazilian cement market.   Last month, Camargo Correa succeeded in acquiring a controlling stake in Cimpor with a price tag of EUR2.5bn, raising its share from 33 to 94.8 per cent. Camargo is to integrate its South American and Angolan cement operations into Cimpor and according to ...

Cimpor shareholders approve dividend proposal, Portugal

09 July 2012, Published under Cement News

Cimpor shareholders today approved a proposal for the company to pay a dividend of EUR16.6/share, said an official at Cimpor who asked not to be named in line with company policy, Bloomberg reports. Shareholders hadn’t voted on the dividend proposal at a meeting on April 20 after Camargo Correa SA requested the meeting’s suspension during its bid for the Portuguese cement maker.

Cimpor: June '12

06 July 2012, Published under Cement News

Cimpor has now become a subsidiary of the Brazilian holding company Camargo Corrêa, which currently controls 94.8 per cent of the equity. Camargo Corrêa currently controls Cimpor through its Austrian subsidiary InterCement Austria Holding GmbH. It is Camargo Corrêa's stated intention to merge all its current cement interests, effectively 8.0Mt in Argentina, where it is market leader, and 7.9Mt in Brazil, as well as cement works under construction in Angola (1.6Mt) and Paraguay (0.4Mt), with...

Brazil competition authority approves Camargo purchase of Cimpor

05 July 2012, Published under Cement News

Brazil’s competition authority CADE has approved Camargo Correa’s purchase of a controlling stake in Portuguese cement producer Cimpor, subject to several conditions. The main condition set by the regulator is that Votorantim, Camargo’s competitor on the Brazilian market, sells its stake in Cimpor. Votorantim and Camargo Correa both bought shares in Cimpor in 2010. Through their shareholdings in Cimpor, both Camargo Correa and Votorantim increased their share of Brazil's market. Cade als...

Fitch cuts Camargo Correa credit rating on Cimpor buy

29 June 2012, Published under Cement News

Fitch Ratings has cut Camargo Correa’s credit rating by two notches  on concern the increase of its stake in cement company Cimpor has raised the indebtedness of the company too much. Camargo Correa took over Cimpor earlier this month for EUR1.5bn, and the Brazilian company took on BRL4.24bn (US$2.03bn) of debt to finance the purchase, Fitch wrote. "Camargo's capital structure was already under pressure from high leverage and poor operational performance in the company's engineering and ...

Cimpor asset swap to lift Votorantim capacity by 15Mta

28 June 2012, Published under Cement News

Votorantim 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, ...

S&P lowers Cimpor to 'BB'

27 June 2012, Published under Cement News

On June 26, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Cimpor to 'BB' from 'BBB-' and its short-term rating to 'B' from 'A-3'. The ratings remain on CreditWatch negative, where they were placed on April 3, 2012. The downgrade follows the announcement and settlement of Brazilian holding company Camargo Correa’s SA (CCSA’s) successful takeover of Cimpor from the majority of existing shareholders. The Camargo group currently owns about 73% of Cim...

Ricardo Lima to become new Cimpor CEO, Portugal

25 June 2012, Published under Cement News

Ricardo 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, Portugal

21 June 2012, Published under Cement News

Brazilian 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...

Cimpor

06 June 2012, Published under Cement News

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...