CORRECTION: This article was corrected on Friday May 3 to say that InterCement no longer has operations in Paraguay and in Africa, having sold them between 2020 and 2023.
Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) said it has entered into exclusive talks to buy local cement producer InterCement from the Mover conglomerate.
The proposed transaction would include 100% of InterCement’s assets, including its Loma Negra operation in Argentina, the company said in a securities filing on Friday. The exclusivity period runs through July 12, the filing said.
Votorantim Cimentos, Brazil’s largest cement producer, previously expressed an interest in InterCement, whose net debt amount to BRL1.9 billion ($372 million).
The deal would represent a major expansion of CSN’s cement division, following its acquisition of the Brazilian assets of Swiss cement company LafargeHolcim in 2021.
InterCement sold its operation in Paraguay in 2020 and went on to divest its businesses in Egypt, Mozambique and South Africa last year.
The steelmaker is being advised by Morgan Stanley, and InterCement by BTG Pactual.