Argos in Deals with Vale, Paz del Rio

Colombia’s Cementos Argos has agreed to sell some of its coal mining concessions and logistics assets to Vale for $373m in cash. Research firm Bolsa y Renta analyst Carlos Eduardo Gonzalez says that Argos had previously expressed intentions of selling these assets and that the price Vale has agreed to pay is in line with expectations. The shop rates Argos a buy. In this transaction, Credit Suisse and Bancolombia advised Argos. In a separate deal, Argos has invested $41.2m to acquire limestone rights from Aceria Paz del Rio, also from Colombia. Terms of financing were not disclosed and company officials were not available for comment.