North / South America
Camargo completes Cimpor takeover
Jun, 21 2012
(Portugal/Brazil) -- Camargo Correa has completed its takeover of Portugal's Cimpor.
The Brazilian industrial conglomerate will now control 94.8 percent of the cement-maker after the bid.
Before Camargo launched a 2.5 billion euro ($3.3 billion) bid for the of the company in March this year, it was already the largest single shareholder in Cimpor with a 33 percent stake.
The deal will involve an asset swap with Votorantim, Cimpor's second largest shareholder. Portugal's state-owned bank CGD, investor Manuel Fino and Millennium BCP's pension fund also accepted Camargo's 5.5 euros per share offer.
By: Rashmi Kalia (ARI-C NEWS)
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