Another Brazilian company buys stake in Cimpor

Brazilian constrution firm Camargo Correa has announced that it is buying a 22,17% stake in the Portuguese cement maker Cimpor, in a billion Euro deal. The Brazilian company may possibly buy an additional 3 percent of Cimpor held by other entities. The purchase underlined the determination of Brazilian companies to boost their standing in the cement industry ahead of the World Cup (2014) and the Olympic Games (2016). The steelmaker CSN launched a $5.5 billion bid for Cimpor in January, rejected by Cimpor, while a third Brazilian company, Votorantim Cimentos, recently acquired a 17 percent stake in the Portuguese firm from France’s Lafarge.