CSN, Huaxin Cement, Votorantim Cimentos Bid for InterCement's Brazilian Business

24 Feb, 2024

CSN, Huaxin Cement, Votorantim Cimentos Bid for InterCement's Brazilian Business

Huaxin Cement, Votorantim Cimentos, and CSN Cimentos are among the contenders vying for InterCement’s Brazilian business, as reported by Valor Online News. According to the publication, Votorantim Cimentos is spearheading a consortium with Italy-based Buzzi and concrete producer Polimix Concreto. However, the Brazilian cement market leader refuted this claim, asserting that its bid stands alone. Both Votorantim Cimentos and CSN Cimentos are contemplating launching initial public offerings (IPOs).

In response to speculation, Votorantim Cimentos clarified its position, stating, "The company clarifies that it is not part of nor leads any consortium within the auction process. To date, its offer remains under evaluation by the respective seller and, therefore, no documents have been signed with any counterparty that generate an obligation or firm commitment for the acquisition of the assets that were the subject of the offer."

The competition for InterCement's assets underscores the dynamic nature of the Brazilian cement market and the strategic moves of key players aiming to strengthen their positions. As negotiations progress, stakeholders closely monitor developments, anticipating the outcome of this significant business transaction.