Cimpor-Cimentos de Portugal SGPS SA dropped for a seventh day to close at the lowest price in more than three years after the Portuguese cement maker said Camargo Correa SA doesn’t have to carry out a compulsory squeeze-out purchase of its remaining shares.
Cimpor declined 5.8 percent to 3.11 euros in Lisbon trading, extending the stock’s drop this year to almost 42 percent.
“The drop today may be related to the fact that there won’t be a compulsory squeeze-out purchase,” Pedro Oliveira, a trader at Go Bulling, said by e-mail today. “Investor interest in Cimpor shares has waned.”
Camargo completed the purchase last week of more than 90 percent of Cimpor. The Portuguese company said yesterday that Camargo’s bid didn’t meet the requirements that would have allowed it to carry out a compulsory squeeze-out purchase of the remaining shares.
Jose Edison, president of Camargo’s Intercement unit, said yesterday that Camargo wouldn’t remove Cimpor from the stock market for at least another six months.