InterCement Participações, indirect controlling shareholder of the Loma Negra cement company in Argentina, agreed to a new period of exclusivity for the benefit of Companhia Siderúrgica Nacional (CSN) to continue negotiating the acquisition of 100% of its share package.
The last period of exclusivity had expired on August 12, after two extensions. At that time, there was no renewal and negotiations were left open to the possibility of an interested third party entering the contract.
However, Loma Negra informed Argentina’s National Securities Commission today that InterCement agreed “a new extension of the agreement that provides for the right of exclusivity with Companhia Siderúrgica Nacional (CSN) in relation to a possible acquisition of shares representing 100% (one hundred percent) of its share capital, with a term of validity until October 16, 2024”.
In the same paragraph he clarified: “This period may be automatically extended until November 16, 2024 unless objected to by creditors in accordance with the terms of the Extrajudicial Recovery Plan.”
That communication to the CNV clarified the new deadline and the possible transfer of assets: “Without prejudice to which, InterCement communicated that There is no signed document that generates a firm obligation or commitment on its part and/or its subsidiaries in relation to the potential transaction.”
The owner of Loma Negra managed to renegotiate his debt with the creditor banks
The extension of the deadline to negotiate exclusively with CSN was signed just 24 hours later that InterCement together with other companies of the group had presented for approval an extrajudicial recovery plan in Brazil, with the approval of creditors representing more than a third of its indebtedness, in accordance with the law of that country.
The so-called “Extrajudicial Recovery Plan” is being carried out in the context of the competitive process organized by Banco BTG Pactual. It involves another stage of the strategy to readjust InterCement’s capital structure, which has already been announced, and which aims to: implement a restructuring of its debtpreserve its business and seek a solution that maximizes value for its creditors and stakeholders, the company reported.
“The occurrence of the Plan depends on the verification of certain conditions and events, including the execution of a contract for the sale of corporate interests, assets and operations of InterCement to a third-party investor, a transaction that is still in the negotiation phase,” he added.
The validity of a new period of exclusivity seems to close the doors definitively so that other interested parties interested in purchasing all or part of InterCement’s assets can submit their proposals.
Among those interested Argentine businessman Marcelo Mindlin is featuredwho intends to keep only the Olavarría cement plant.
Mindlin is the owner of the construction company Sacde and his plan is to take over the former company of the Fortabat family in order to vertically integrate all of his company’s operations.
But InterCement He never hid his preference for a block sale of its assets in Argentina and Brazil. The company belongs to the powerful Camargo Correa group and is currently applying a gradual divestment planwhich began operations in Africa.
The main candidate to take over InterCement, CSN, is also Brazil’s second largest cement groupwith 21% of the market. The first is the Votorantim group, with 35%. And the third is Intercement, with 14% of that market..
Among the companies that have been rumored to be interested in InterCement’s assets in Brazil are Italian company Buzzi Unicem, the Polimix group, owner of Cimento Mizu, and two Chinese companies. One is Sinoma and the other is Huaxin Cement, which acquired InterCement’s assets in Africa last year.
Source: Ambito
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