The board of Cimpor has approved a swap of shares of its holding InterCement, paving the way for Camargo Correa to purchase the 21,2% stake held by Votorantim Cementos on Cimpor, according to reports in Valor Economico.

InterCement is passing on the Cimpor 17 cement plants involving assets worth EUR817.1m and is receiving from InterCement assets worth EUR1199bn. The swap was coordinated by Morgan Stanley and Rothschild. The next step is to wind up the deal with Votorantim to collect EUR5.5 per share, the same value of the public offer launched last March.