Cement News tagged under: Cimpor

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Camargo Correa on Rating Watch Negative

09 April 2012, Published under Cement News

Fitch 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...

Cimpor acquisition good for competition

06 April 2012, Published under Cement News

The 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...

Camargo Corrêa in Cimpor bid

06 April 2012, Published under Cement News

Camargo Corrêa and Brazilian competitor Votorantim Cimentos SA bought separate stakes in Cimpor in early 2010. Camargo currently claims to hold around a 33.25% stake in Cimpor and is its largest shareholder ahead of Votorantim with a current 21.2% interest, but has an option to increase this to 30.8%. Votorantim is reportedly considering teaming up with Camargo for a joint bid, although the latter denies that any such agreement has been made. Given Votorantim’s dominant market share in Brazi...

Camargo Correa bids for Cimpor

02 April 2012, Published under Cement News

Camargo Correa has announced a €2480m bid for Cimpor at €5.50 per share, a 10% premium on the pre-offer share price. InterCement Austria, a wholly-owned subsidiary of Camargo Correa is being used as the bid vehicle. Camargo Correa is currently the sixth-largest cement producer in Brazil, and market leader in Argentina, while Cimpor is the number four in Brazil. Together, the two companies would form the second largest in Brazil, but would still be less than a third of the size of market lead...

Cimpor full-year 2011 boosted by emerging markets

01 March 2012, Published under Cement News

In its full-year 2011 results, Cimpor reported that Brazil continues to be its main contributor to growth, however, recoveries in Mozambique, Turkey and China helped offset significant declines in Portugal and Egypt. Diversification and a presence in emerging markets helped Cimpor achieve EBITDA of EUR616m which is down 2.2 per cent YoY despite economic contractions in Iberia and difficulties arising from the political situation in Egypt, the group said. Turnover increased by 1.6 per cent...

Cimpor financing needs covered to end-2013

29 February 2012, Published under Cement News

Cimpor, Portugal’s leading cement producer, has said it has covered all its financing needs until the end of 2013, Chief Financial Officer Antonio Valera said at a conference today. If Cimpor issues new bonds it will do so to cover financing needs for 2014 onwards, Bloomberg reported Mr Valera as saying.

Shriram EPC to enter cement business through acquisition

21 February 2012, Published under Cement News

Shriram EPC, part of the financial services major Shriram Group, is expected to enter the Indian cement sector by picking up a majority stake in Sree Jayajothi Cement, according to local press reports. Should the move be approved, Cimpor is thought to be in line as the group seeks a strategic European investor. Shriram EPC's board is said to have approved acquiring a significant equity share capital of the cement producer by partially converting the dues owned by Sree Jayajothi into equit...