Camargo Still Submitting Information to Regulator on Cimpor Bid
Camargo Correa SA is still submitting information about its 2.48 billion-euro ($3.3 billion) bid to buy out Cimpor-Cimentos de Portugal SGPS SA to Portugal’s Securities Market Commission, CMVM Chairman Carlos Tavares said.
“We are still receiving information which we consider to be essential,” Tavares said at a parliamentary hearing in Lisbon today. “The offer period will only begin after it is registered with the regulator.”
Tavares said it was difficult to determine whether there exists an agreement between the Portuguese cement company’s Brazilian shareholders Camargo Correa and Votorantim Participacoes SA on Cimpor if both parties deny it.
Camargo Correa, Brazil’s No. 2 construction company, on March 30 offered 5.50 euros a share to buy the remaining 67 percent of Cimpor it doesn’t already own. Votorantim Participacoes SA, which competes with Camargo in Brazil’s cement market, owns a 21 percent stake of Cimpor.
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