Cement News tagged under: Votorantim

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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...

S&P: Votorantim Industrial rated 'BBB', outlook stable

08 March 2012, Published under Cement News

Standard & Poor's (S&P) Ratings Services assigned a 'BBB' global-scale and 'brAAA' national-scale corporate credit ratings on Votorantim Industrial S.A. (VID). The outlook is stable, reflecting VID's solid operations thanks to strong cash flows from its cement operations, which compensated for the weaker results from its metals and steel businesses. S&P stated: “We believe the still strong demand for cement will buoy its cash flows, which, coupled with its strong  cash position, should kee...

Votorantim Cimentos sells 30-year bonds, Brazil

03 February 2012, Published under Cement News

Votorantim Cimentos of Brazil completed a US$500m sale in the US credit markets Thursday, according to a person familiar with the issue. The 30-year bond deal was a reopening or, or addition to, a US$750m issue of 7.25% coupon bonds originally sold in April 2011. The bonds were priced to yield 7.30%, or 432.2 basis points over the Treasury rate. The anticipated ratings are Baa3 from Moody's Investors Service and BBB from Standard & Poor's. Fitch Ratings issued a BBB-minus rating on Thursd...

Votorantim steps up performance

26 October 2011, Published under Cement News

Brazil’s market leader, Votorantim Cimentos, is embarking on a new phase of growth, which will see the company not only consolidate its local market position, but expand activities throughout the Latin American continent. International Cement Review talks to Edvaldo Rabelo, Votorantim’s Global Technical Director, about the current expansion programme, the company’s international ambitions, and a range of topics including sustainability, carbon reduction and alternative fuel technology. ...