Brazil regulator greenlights sale of Holcim’s local business to CSN

SAO PAULO, Aug 17 (Reuters) – Brazil’s antitrust regulator CADE on Wednesday approved the sale of Holcim AG’s ( HOLN.S ) local cement business to steelmaker Cia Siderurgica Nacional ( CSNA3.SA ) with no restriction, allowing the $1.025 billion deal to be completed.

CSN first announced the acquisition of LafargeHolcim Brasil in September 2021 as Switzerland-based Holcim, the world’s largest cement maker, tries to diversify away from its core business.

CADE’s board of directors gave their green light to the sale in a unanimous 7-0 vote.

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Technical staff at CADE had already approved the deal earlier this year, but the board could still overrule the decision at its Wednesday meeting.

The move represents a blow to Brazilian cement maker Cimento Tupi SA, a privately-owned company that contested the deal saying it would create competition issues mainly in Southeastern Brazil.

Shares in CSN were near flat in midday trading, in line with the broader Bovespa stock index (.BVSP).

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Reporting by Gabriel Araujo; Editing by Brendan O’Boyle

Our Standards: The Thomson Reuters Trust Principles.


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