TD may exercise call option on Cimpor stock
First publishedon www.AggBusiness.com
Portuguese construction company Teixeira Duarte (TD) may exercise the call option to buy back the 22.45% stake held in the Portuguese cement company Cimpor if this company sells assets worth €1.5billion to Camargo Correa up to March 2012, according to reports.
The reports point out that if Cimpor's shareholders, Camargo and Votorantim, become majority shareholders of the cement company and decide to break up, the company will have to sell the 22.45% stake back to Teixeira Duarte and for an estimated €1billion.
In addition if Camargo manages the control of Cimpor, Teixeira Duarte may take over three of Cimpor's plants in Alhandra (Portugal), and Cezarina and Campo Formoso both in Brazil.