Brazil’s antitrust regulator CADE has given its approval to steelmaker Companhia Siderurgica Nacional’s (CSN) acquisition of Holcim’s local cement business. The deal is believed to be worth US$1bn, according to Reuters.
CSN first announced its acquisition of LafargeHolcim Brasil in September 2021 as Holcim made moves to diversify away from its core business of cement. The board of directors at CADE reportedly approved the deal with a 7-0 unanimous vote, which will come as a blow to Brazilian cement producer Cimento Tupi SA, which had contested the deal amidst concerns it would cause competition issues in southeast Brazil in particular.
