The Brazilian competition authority, CADE, Wednesday in Brasilia unanimously approved the acquisition of a controlling stake in Portuguese cement company Cimpor by Brazil’s Camargo Corrêa.
The approval was granted under the condition that Votorantim would no longer have an interest in Cimpor assets in Brazil, which had been previously agreed in a document voluntarily signed by the two Brazilian cement companies last week.
CADE also stipulated the deadlines for Votorantim to divest its interests in the company, but did not make the time it had to do so public, so as not to affect the price of the deal.
At the same session CADE rejected a move to exchange shares with France’s Lafarge, which exchanged its minority stake in Cimpor for some factories in Brazil
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