Cement News tagged under: Portugal
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... |
Brazil contributes 44% of Cimpor’s EBITDA09 May 2012, Published under Cement NewsCimpor’s first quarter turnover declined by 4.9% to €521.2m and the EBITDA came off by 10.2% to €128m. A further 7.5% reduction in depreciation and provision charges to €49.7m brought about an 11.8% reduction in the trading profit to €78.3m. After net financial costs 8.4% higher at €10.7m, to give a pre-tax profit 14.3% lower at €67.6m and the net attributable profit, after a higher tax charge but a minorities credit of €1.5m, was 15.4% lower at €49m. Net debt was 0.2% higher at €1,553.4m... |
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... |
CRH: Semapa intends to acquire CRH's 49% in Secil26 April 2012, Published under Cement NewsCRH reported that Portuguese conglomerate Semapa will acquire the company’s stake in their cement and ready mixed concrete joint venture Secil next month. In August last year an Arbitral Tribunal in Paris, functioning under the Rules of Arbitration of the International Chamber of Commerce (ICC), decided that CRH and Semapa were obliged to complete the sale and purchase of CRH’s 49% shareholding in Secil at an equity price of EUR574m. In accordance with this ruling, Semapa has notified ... |
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 Corrêa in Cimpor bid06 April 2012, Published under Cement NewsCamargo 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 Cimpor02 April 2012, Published under Cement NewsCamargo 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 markets01 March 2012, Published under Cement NewsIn 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... |