Brazil regulator greenlights sale of Holcim's local business to CSN (updated)

Companhia Siderurgica Nacional SA

17/08/2022 16:17

(Adds details, context)
    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.  urn:newsml:reuters.com:*:nL8N2QC0KH
    CADE's board of directors gave their green light to the sale
in a unanimous 7-0 vote.
    Technical staff at CADE had already approved the deal
earlier this year, but the board could still overrule the
decision at its Wednesday meeting.  urn:newsml:reuters.com:*:nL2N2W20WN
    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 .
        

 (Reporting by Gabriel Araujo; Editing by Brendan O'Boyle)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))