Brazil: Brazil's biggest cement producer, Votorantim Cimentos, is preparing an initial public offer (IPO) to raise US$3bn.
Votorantim is looking to acquire new assets in North America, Africa and South America. The proceeds from the IPO, the biggest for Brazil since Banco Santander Brasil in 2009, would go into funding its expansion plans.
The cement unit of Brazil's Grupo Votorantim, controlled by the Ermirio de Moraes family, completed a swap of its 21.2% stake in Cimpor Cimentos de Portugal in June 2012. Votorantim Cimentos has hired Banco Itau BBAand JPMorgan Chase & Co to manage the deal and will include other banks.
