Brazilian steelmaker fails to take over Portuguese cement company

Brazilian steelmaker Companhia Siderurgica Nacional (CSN) failed in its US$5.7 billion bid to take over Cimpor, Portugal’s largest cement company.

CSN acquired only 8.5 percent of Cimpor’s stock since it launched its bid in December; Cimpor’s board rejected the bid as too low. However, the bid attracted interest from rival Brazilian companies, such as construction company Camargo Correa SA, which built up a 31 percent stake in Cimpor, and conglomerate Votorantim, which purchased 21 percent of the stock.

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