Camargo Corrêa to sell InterCement for US$6.5bn

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Brazil: Camargo Corrêa is conducting talks to sell its cement business InterCement for US$6.5bn. Two bids, including one by Mexico’s Cemex, have already been made according to the O Globo newspaper. The Brazilian conglomerate was reportedly selling a minority stake in InterCement in mid-2015 and in late-2015 its chief executive officer Vitor Hallack said it was prepared to sell its assets to cut its debts.

InterCement is the second largest cement producer in Brazil with a production capacity of 15Mt/yr and 12 integrated cement plants. The country as a whole saw its domestic sales of cement fell by 11.7% year-on-year to 57.2Mt in 2016 according to data from the Brazilian National Union of Cement Industry.

Last modified on 22 March 2017

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