CSN signs MOU with Spain's Alfonso Gallardo
* Expects transaction to be worth 352 million euros
Brazilian steelmaker CSN (CSNA3.SA) said on Thursday it signed a preliminary deal with Spain's Grupo Alfonso Gallardo to buy shares in Spanish cement and steel producers for an estimated 352 million euros ($465 million).
CSN said in a securities filing that it had entered exclusive talks with Alfonso Gallardo, also a steelmaker, to buy all of that company's shares in cement producer Cementos Balbao and steelmakers Corrugados Azpeitia and Corrugados Lasao.
The Brazilian steel company said it could provide an additional 30 million euros ($40 million) in working capital as part of the arrangement.
CSN earlier this year made a failed bid to acquire Portuguese cement producer Cimpor (CPR.LS), losing out to Brazilian rivals Camargo Correa and Votorantim Cimentos.
Brazil is facing soaring demand for cement and steel as it pushes forward with a broad infrastructure campaign and prepares to host the 2014 World Cup soccer championships and the 2016 Rio de Janeiro Olympics.
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