Portugal: Votorantim, Brazil's largest cement producer, is set to decide whether it will accept Camargo Correa's takeover bid for Cimpor and sells the 21.2% it owns in the company. Camargo, Brazil's second-largest construction group, launched a Euro5.5 a share takeover bid for the 67.1% of Cimpor it does not own at the end of March 2012.
"There is no deal with Camargo. Votorantim is considering and analysing all the alternatives," said CEO Walter Schalka outside of Cimpor's shareholder meeting in Lisbon on 20 April 2012. "We will decide in the next few days," he added.
The meeting was suspended on the request of Camargo, which said that the assembly should only occur after its takeover bid process is concluded. There is still no set deadline for the bid. Cimpor's board previously said that Camargo's bid was too low and was lacking detail on its plans for the company's future.
Earlier in April 2012, Portuguese conglomerate Semapa proposed that some Cimpor shareholders should form a joint holding company to try to keep the company in Portuguese hands. It said, however, that its offer does not represent a counterbid. Votorantim is Cimpor's second-largest shareholder.
