April 5, 2012 / 5:52 PM / 6 years ago

Portugal BCP's fund to sell Cimpor stake to Camargo

LISBON, April 5 (Reuters) - The pension fund of Portugal’s Millennium bcp bank has agreed to sell its 10 percent stake in cement maker Cimpor to Brazilian conglomerate Camargo Correa, reinforcing the chances of Camargo’s takeover bid for Cimpor to succeed.

BCP said in a statement on Thursday that the fund, Pensoesgere, will sell 67.2 million shares in Cimpor under the 5.5 euro a share offer by Camargo Correa.

Last week, Portugal’s state-run bank CGD said it decided to sell its 9.6 percent stake in Cimpor, although the sale depends on Votorantim - another Brazilian company - freeing CGD from their shareholders’ pact.

Camargo already owns 32.9 percent of Cimpor and with CGD’s and Pensoesgere’s stake its ownership would surpass 50 percent.

Analysts largely do not expect competing bids to pop up. While they do expect Votorantim to agree to CGD selling its part, they say the Brazilian firm is unlikely to sell its own stake or launch a counter-bid. Votorantim holds 21.2 percent of the Portuguese company.

Cimpor shares had closed 0.18 percent higher at 5.46 euros before the announcement. BCP shares rose 1.6 percent, by far outperforming other Portuguese banks, whose shares fell.

Reporting By Andrei Khalip

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below