Votorantim Is Said Not Planning to Top Camargo Bid

Votorantim Participacoes SA doesn’t plan to top a $3.31 billion offer for Cimpor Cimentos de Portugal SGPS SA while it may weigh buying a stake in the cement maker and teaming up with Camargo Correa SA to take control, two people familiar with the matter said.

Votorantim said today it will analyze Camargo’s offer for Cimpor and evaluate all alternatives, according to an e-mailed statement. The Sao Paulo-based company may decide to sell its existing Cimpor stake, said the two people, who declined to be identified because the negotiations are private. An official with Votorantim declined to comment.

Camargo, through its Intercement Austria subsidiary, bid 5.50 euros ($7.34) a share for Lisbon-based Cimpor, Portugal’s largest cement producer, Intercement said today in a filing to the Portuguese securities regulator. Camargo has a 32.9 percent stake in Cimpor, while Votorantim holds 21.2 percent.

Votorantim is considering buying the Cimpor stake held by Caixa Geral de Depositos SA under its right of first refusal, said the two people. Caixa said in a statement it would sell the 9.6 percent holding to Camargo if Votorantim doesn’t exercise its right.

Camargo Correa and Votorantim bought stakes in Cimpor in early 2010, helping derail a hostile bid for the Portuguese company by Brazilian steelmaker Cia. Siderurgica Nacional SA.

To contact the reporters on this story: Francisco Marcelino in Sao Paulo at; Cristiane Lucchesi in Sao Paulo at

To contact the editor responsible for this story: David Scheer at

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