Cemex Sells Stake in CBB

Mexican cement producer Cemex has sold its 12% stake in Chilean cement producer Cementos Bío Bío (CBB) for about $66 million. Cemex sold its 31.44 million CBB shares on the Santiago Stock Exchange to Santander Investment at the minimum fixed price of $2.08 per share. Cemex has decided to sell non-core assets in order to pay off debt after it completed its purchase of UK ready-mix concrete maker RMC for $5.8 billion in March.