Negotiations for Loma Negra sale continue despite expiration exclusivity

The potential sale of Loma Negra to CSN has entered a new phase after the exclusivity term to negotiate a deal expired on 12 August after an automatic renewal but has not been renewed since, reports Noticias Financieras. While negotiations with the Brazilian group continue, the expiry enables other companies to bid for the Argentinian cement producer.

One candidate is Argentine businessman Marcelo Mindlin, owner of construction company Sacde, as he wants to vertically integrate all the operations of his company.

However, discussions are slow to advance as in addition the sale of Loma Negra, there is also the sale of the entire shareholding package of InterCement, which controls Camargo Correa’s cement business in Brazil and Argentina. While InterCement has positive results from its Argentinian operations, the company shoulders a US$1.6bn debt, with half of its liabilities in three Brazilian banks – Bradesco, Itáu and Banco do Brazil – which will play a key role in the negotiations.

Loma Negra published its 2Q24 results recently with positive operational results boosting its net profit.