Voto Inches up Cimpor Stake

Votorantim has acquired a 4.0% stake in Cimpor belonging to Cinveste, a vehicle that owns several large equity stakes in Iberian companies. Voto now has effective control over 30.8% of the voting shares of Cimpor, thanks to a shareholders agreement it previously signed with Caixa Geral de Depositos, which owns 10.0%, giving it the largest piece of the Portuguese cement producer. The main pieces of Cimpor that have not yet been sold to a Brazilian company are Manuel Fino’s 10.7% stake and the 18.9% free float. CSN is heard aggressively chasing both as it tries to catch up with Voto and Camargo Correa, which now have 30.8% and 28.7%, respectively.