National cement giant to be sold to Chinese group
CSN Cimentos' sale contract is signed with Chinese group Huaxin Building Materials Group. Learn more at Gazeta do Povo.
TL;DR
- CSN signed a contract to sell CSN Cimentos to Huaxin Building Materials Group for R$ 12.7 billion.
- The sale is a significant step in CSN's strategy to reduce debt and restructure its capital.
- The deal requires approval from Brazil's Cade and Aneel, as well as Chinese regulatory authorities.
- CSN Cimentos is the second-largest cement producer in Brazil.
- CSN had previously sought higher values for the sale, with offers ranging from R$ 10 billion to R$ 15 billion.
- Huaxin's offer of approximately R$ 9 billion (after debt and working capital adjustments) for 99.99% of shares marks the first entry of a Chinese cement company into the Brazilian market.