Tags: Brazil | CSN | Portugal | Cimpor

Brazil's CSN Fails in $5.7 Billion Bid for Portugal's Cimpor

Tuesday, 23 Feb 2010 10:32 AM

Brazilian steelmaker Companhia Siderurgica Nacional's 4.14 billion euro ($5.7 billion) takeover bid for Portugal's largest cement company, Cimpor, has failed, the Lisbon Stock Exchange announced Tuesday.

CSN captured only 8.5 percent of Cimpor's stock since it launched its bid in December, the Portuguese bourse said. Cimpor's board had rejected the bid as too low.

The bid also attracted rival interest from other Brazilian companies.

Camargo Correa SA, one of Brazil's largest construction businesses, has built up a 31 percent stake in Cimpor, and Brazilian conglomerate Votorantim has purchased 21 percent of the stock.

Cimpor has business in Brazil, Spain, Egypt, South Africa, Turkey and China.

CSN has in recent years met setbacks in its efforts to expand abroad. Three years ago it lost a bidding war for Britain's Corus Group PLC and also failed to acquire U.S.-based steel maker Wheeling-Pittsburgh Corp.

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Brazilian steelmaker Companhia Siderurgica Nacional's 4.14 billion euro ($5.7 billion) takeover bid for Portugal's largest cement company, Cimpor, has failed, the Lisbon Stock Exchange announced Tuesday. CSN captured only 8.5 percent of Cimpor's stock since it launched its...
Brazil,CSN,Portugal,Cimpor
141
2010-32-23
Tuesday, 23 Feb 2010 10:32 AM
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