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CSN Pursues Portuguese Cement

Dec 21, 2009

Brazilian steelmaker CSN has launched an unsolicited $5.57bn bid for Portugal-based cement company Cimentos de Portugal (Cimpor). The price is EUR5.75 per share, a 5% premium to Thursday's close, plus the assumption of $2.51bn in debt, bringing the total deal value to $8.08bn equivalent, according to the bidder. CSN closed 5.7% lower Friday and was blamed for overall weakness in Brazilian stocks. Cimpor meanwhile...

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"[While] it’s good to build more infrastructure and increase investment, you have to be conscious about the macro effects of too big an increase in domestic demand, including of course public expenditure."

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