Brazilians buy big stake in Portuguese cement firm

(AP) — Brazilian construction company Camargo Correa SA said Wednesday it paid €975 million ($1.35 billion) for a 22 percent stake in Portugal's largest cement company, Cimpor, which is already the target of a takeover bid by Brazilian steelmaker Companhia Siderurgica Nacional.

Camargo Correa, one of Brazil's largest construction businesses, said in a statement it bought almost 150 million Cimpor shares from Portugal's Teixeira Duarte at a price of €6.5 a share. Teixeira Duarte was Cimpor's largest shareholder.

Rio de Janeiro-based Companhia Siderurgica Nacional, which launched its takeover bid in December, is offering €5.75 a share. Cimpor's board rejected that bid, saying it was too low.

Brazilian conglomerate Votorantim has also expressed interest in Cimpor.

Camargo Correa said it wants to enter a partnership with Cimpor to build up its presence abroad.

Cimpor has business in 12 foreign countries, including Brazil, Spain, Egypt, South Africa, Turkey, India and China.