Chile: The offer made by Peru’s Yura Group to acquire a further 20% of Chile’s Cementos Bío Bío (CBB) – in addition to the 20% it already owns – has been rejected by directors, according to CE Noticias Financieras. This is despite it valuing the company at US$390m, 110% of its current market value. CBB’s board maintained that the price is still insufficient for shareholders who see their investment as being worth more in the longer term.
"It is a low value considering operations of similar characteristics and amounts, as it does not consider the potential growth once the low demand cycle associated with the construction industry ends, or new mining projects that demand lime," emphasised the director of CBB, Alfonso Rozas.
