Cimpor Shares Decline After Camargo Gains Control: Lisbon Mover
Cimpor-Cimentos de Portugal SGPS SA, the country’s biggest cement company, dropped the most in more than 10 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 as much as 5.9 percent to 5.122 euros, the biggest intraday drop since Aug. 5 and traded down 5.4 percent at 5.15 euros as of 10:02 a.m. in Lisbon. 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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