Sale of Loma Negra on track to be completed

Loma Negra, Argentina, moves closer to a new Brazilian owner. The sale of Loma Negra has added a new chapter and seems to be more on track to completion. The Argentinean company informed, through a statement to the Buenos Aires Stock Exchange of a new extension until 16 December, of the exclusivity period to negotiate its sale to Companhia Siderurgica Nacional (CSN).

After almost a year of negotiations, sources close to the operation were confident that this time it could be the definitive one and the sale could be closed in the next few days. 

Loma Negra is currently owned by Camargo Corrêa, which is moving forward with a plan to divest the cement business. The first step in this direction was taken last June, when InterCement, bringing together the group’s investments in the cement business, divested its subsidiaries in Mozambique and South Africa to the Chinese company Huaxin Cement Co. 

Loma Negra is the leading producer of cement in Argentina, with a market share of close to 45 per cent. The company is nearing its 100th anniversary, founded in 1926 by Alfredo Fortabat and is one of Argentina’s most publicly-recognised companies. In 2005 Camargo Corrêa took control of the Argentinean firm in exchange for an amount close to US$1bn.