CADE gives initial approval of CSN acquisition of LafargeHolcim's Brazil operations

Technical staff at Brazil's antitrust watchdog CADE have approved the acquisition of LafargeHolcim's local business by steelmaker Companhia Siderúrgica Nacional (CSN) with no restrictions.

The move represents an initial approval as the deal could still be blocked by CADE's board of directors, which is required to analyse the transaction before giving the final green light, reports Nasdaq.

Until then, both companies will remain operating independently, CSN said in a securities filing. CSN's cement unit agreed to acquire Holcim's Brazilian business for an enterprise value of US$1.025bn in September 2021.