SAO PAULO, May 6 (Reuters) - Brazil’s second largest construction group Camargo Correa said it would offer cash to take over Portuguese cement maker Cimpor and would preserve the company’s name and strategic outlook.
Camargo Correa’s cement division, InterCement, offered clarification on its bid, first announced on March 30, in a statement published on Sunday.
In the statement, Camargo Correa maintained its bid of 5.5 euros ($7.21) a share announced to acquire the 67.1 percent of Cimpor it does not own, but added that it would pay “in cash and immediately to all shareholders that adhered to the offer.”
It said it would maintain the brand name of Cimpor, preserve its long-term strategic outlook and keep the company’s decision making offices in Portugal, as it tried to win over support for the takeover bid.
In its initial response the takeover bid, Cimpor’s board said Camargo’s bid was too low and lacked details on its plans for the company’s future. ($1 = 0.7625 euros) (Reporting by Reese Ewing; Editing by Marguerita Choy)