Portugal: Portugal's securities regulator CMVM has said that a takeover bid by Brazil's construction group Camargo Corrêa for Portuguese cement maker Cimpor will involve an asset swap to buy out another Brazilian shareholder that will get part of Cimpor's overseas business. CMVM approved the previously announced Euro5.50/share bid under these terms and said that the remaining shareholders in Cimpor would have until 19 June 2012 to decide whether to sell their stakes.

Camargo Corrêa, which is already the largest single shareholder in Cimpor with a 33% stake, launched a Euro2.5bn bid for the rest of Cimpor in March 2012, in a move defended by the Portuguese government. CMVM said that Camargo and the other Brazilian shareholder Votorantim had agreed that the deal would involve an asset swap, as expected by analysts.

Camargo will exchange its cement and concrete business in South America and Angola for Cimpor's overseas assets, including in China and India but excluding Brazil, also taking hold of 21% of Cimpor's net consolidated debt. Camargo will then swap the assets it received for Votorantim's stake in Cimpor.

The decision by CMVM may address some concerns by Brazil's antitrust regulator Cade, which has been analysing Votorantim and Camargo Corrêa's purchases of stakes in Cimpor since 2010, when the two frustrated an acquisition attempt by Brazilian steelmaker CSN. Camargo Correa's buyout of Cimpor could help competition in Brazil by reducing Votorantim's market share.