Brazilian construction company Camargo Correa SA said Wednesday it paid €975m (US$1.35bn) for a 22 per cent stake in Cimpor, which is already the target of a takeover bid by Brazilian steelmaker Companhia Siderurgica Nacional (CSN).

Camargo Correa, one of Brazil’s largest construction businesses, said in a statement it bought almost 150m Cimpor shares from Portugal’s Teixeira Duarte at a price of €6.5/share. Teixeira Duarte was Cimpor’s largest shareholder.

Rio de Janeiro-based CSN, which launched its takeover bid in December, is offering €5.75/hare. Cimpor’s board rejected that bid, saying it was too low.

Camargo Correa said it wants to enter a partnership with Cimpor to build up its presence abroad.