The European Commission today approved the acquisition of the entire share capital of Cimpor Portugal by the Turkish fund OYAK (Ordu Yardimlasma Kurumu) after concluding that the transaction does not raise competition concerns.
Brussels gives a “green light” to the total
“The Commission has concluded that although both Cimpor Portugal and OYAK are active in the cement industry, the proposed transaction does not give rise to competition concerns“, since “the two companies are not active in the same geographic markets“, announced today the Community executive.
At the end of October last year, Cimpor – which was owned by Brazilian Camargo Corrêa – signed a contract with OYAK to sell all the assets that make up the Portuguese and Cape Verde Business Unit of Cimenteira.
With this deal, the group will divest the three factories and two cement grinding mills, the 20 quarries and the 46 concrete plants located in Portugal and Cape Verde, he said, without advancing the value of the operation.
In early December, OYAK notified the Competition Authority (AdC) to give its opinion on the operation, which also needed the Brussels “green light“, now confirmed.
The company will continue to operate in Portugal, with business in Africa (Mozambique, Egypt and South Africa) and Latin America (Paraguay, Argentina and Brazil).
In 2017, Cimpor recorded a loss of 490.3 million euros, which was a reduction compared to losses of 787.6 million euros in the previous year.
