Paper: Cemex to sell Cementos Bío Bío stake

Bnamericas Published: Wednesday, April 13, 2005
Mexican cement giant Cemex (NYSE: CX) has hired Santander Investment to seek buyers for its 11.9% stake in Chilean cement company Cementos Bío Bío, Chilean newspaper La Tercera reported. Cemex purchased its stake in 1999 for US$34mn. The sale, according to sector experts, would be due to the refusal of Cementos' majority stakeholder - Chile's Briones group (43%) - to sell its share, according to the paper. Further, the sale, which could represent US$80mn, would be part of Cemex's reorganization of its international assets, said the report. Indeed, a few weeks ago Cemex concluded the sale of two of its US plants to Brazilian conglomerate Grupo Votorantim, and prior to that purchased British cement maker RMC. Cementos posted a 24.4bn-peso (US$42.6mn) consolidated net profit in 2004, up 18.7% from the previous year. It is one of Chile's top three cement producers. Neither Cemex nor Cementos responded to Bnamericas' inquiries by time of publishing.

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