Peru's Gloria Group acquires control of Soboce, Bolivia

Peruvian conglomerate Gloria Group has acquired an outstanding 51.35 per cent stake in Bolivia's largest cement producer Sociedad Boliviana de Cemento (Soboce) for US$300m.

Gloria previously held a 47 per cent stake in Soboce, once the flagship of magnate and former presidential candidate Doria Medina, with US$280mn in annual sales.

Mr Medina, who lost to President Evo Morales in the October presidential elections, opposed Mr Morales' move to nationalise Soboce's 30 per cent stake in cement producer Fancesa in 2010.

The Peruvian firm will keep the Bolivian company's 10,000 employees, Soboce's former owner Mr Medina said in a press conference.