Ancap restarts search for cement partner

Ancap restarts search for cement partner

M&A Uruguay Corporate & Sovereign Strategy

Uruguay's state-owned oil company Ancap said its board of directors decided to continue a process to find a partner for its cement business in an effort to turn around two decades of losses. The company had suspended the process, which was launched in September, after a workers' union objected to bringing in a partner, calling it unconstitutional. Ancap wants to find a partner to help turn the business to a profit, including by investing in new cement plants and equipment to make its products mo

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