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Cimpor Shares Decline After Camargo Gains Control: Lisbon Mover

Cimpor Shares Decline After Camargo Gains Control
Bags of concrete sit in crates at the Cimpor factory in Alhandra. Photographer: Mario Proenca/Bloomberg

Cimpor-Cimentos de Portugal SGPS SA, the country’s biggest cement company, dropped the most in more than nine months after Camargo Correa SA gained control of 94.8 percent of the company.

The Brazilian cement maker raised its stake in the company after offering 5.50 euros a share on March 30 to buy the rest of Cimpor it didn’t already own.

The stock declined 4.7 percent to 5.19 euros in Lisbon trading, the most since September. The shares will be excluded from Portugal’s PSI-20 benchmark index tomorrow, Euronext said in a statement yesterday.

Camargo hasn’t decided whether to remove Cimpor from trading in Lisbon, Jose Edison, president of Camargo’s Intercement unit, said yesterday at a presentation at the Lisbon exchange.

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