* CSN thwarted by Brazilian rivals Votorantim and Camargo
* Analysts say struggle for control not over
* Cimpor shares 4.85 percent lower
(Updates with more analyst comment, background)
By Shrikesh Laxmidas
LISBON, Feb 23 The latest failure by Brazilian
steelmaker CSN to take control of Cimpor (CPR.LS) threw the
focus of the battle for the Portuguese cement maker on to the
rival Brazilian companies that thwarted CSN.
CSN received only 8.5 percent of shareholder backing for its
offer to buy 33.3 percent plus one share in Cimpor for 6.18
euros per share.
An earlier bid by CSN in December at 5.75 euros a share
kicked off a battle between Votorantim Cimentos, Brazil's
largest cement producer, and rival Camargo Correa for Cimpor's
cement business in Brazil.
They covet Cimpor - Brazil's fourth largest cement maker -
ahead of an anticipated building boom as the country gears to
host the World Cup and the Olympics in coming years.
"Neither Votorantim nor Camargo Correa entered Cimpor to
remain a minority shareholder and one of the main goals was to
have access to (Cimpor's) cement assets in Brazil," said Banif
analyst Rita Carles.
Votorantim built up a stake of more than 20 percent while
Camargo Correa now holds just over 30 percent of Cimpor.
Cimpor's market capitalisation is about 4 billion euros
($5.4 billion), according to Thomson One. Its shares fell nearly
5 percent on Tuesday.
Analysts said CSN could still maintain its interest in
"Apparently, Votorantim and Camargo managed to keep CSN
away. But that is not guaranteed as CSN can build up a stake by
buying in the market," said an analyst at a Portuguese bank who
asked not to be named.
"Even if they could keep CSN away, the two companies will
sooner or later have to battle it out," the analyst said.
Trade in Cimpor shares were suspended at the open until
after the announcement of the result. When they resumed trading
they fell as low as 5.46 euros per share and at 1332 GMT they
were 4.85 percent lower at 5.569 euros.
Cimpor also has cement operations in fast-growing emerging
markets such as China and Egypt.
(Additional reporting by Sergio Goncalves and Filipa Cunha
Lima; Editing by David Cowell)
($1 = 0.7361 euro)