BlackRock Tells CSN Abandon Cimpor as Demand Falls

26.01.10

Jan. 26 (Bloomberg) -- Cia Siderurgica Nacional SA , Brazil’s third-largest steelmaker, should abandon plans to buy Cimpor Cimentos de Portugal SGPS SA as shrinking economies in Spain and Portugal cut cement consumption, BlackRock Inc. said.

The Rio de Janeiro-based metals company offered 3.86 billion euros ($5.5 billion) Dec. 18 for Lisbon-based cement producer Cimpor, which generates about 38 percent of sales in Spain and Portugal. After Cimpor rejected the bid, Brazilian rival Camargo Correa made a counter offer, prompting analysts to speculate CSN would increase its proposal to win control.

Construction demand shrank after the steepest recession in Spain in 60 years sent home prices lower for a seventh consecutive quarter. CSN, as the company is known, needs to focus on producing iron ore and steel to meet increased purchases from China , the world’s fastest-growing major economy, said William Landers , who helps manage $8 billion of Latin American assets at BlackRock in Plainsboro, New Jersey.

Source: Bloomberg

Will the Mallorca property prices rise again? By Balearic Estate ...

Emerging from one of the regular meetings of the Balearic Economic Watchdog, which was set up last year to monitor the recession, Manera explained that talk of economic recovery in both the United Kingdom and Germany is going to have a positive affect on the Balearics because it will stimulate the holiday market and foreign investment. Manera also said that central government investment, as part of the PlanE to help fund local council projects and create jobs, has also worked extremely well in the Balearics and the second phase is about to be launched. According to the Minister, the economic growth will be negative for the first quarter of this year, around -1.5 percent, but “positive growth” is being forecast from the third quarter. He said that Spain’s leading economic bodies have reported that the Balearic economy shrunk the least in Spain last year and grew the most during 2008. “We’ve still got to be careful and prudent. “We’re well aware of the problems the employment market is continuing to have and we could do with a boost in private investment,” Manera said.

Source: Will the Mallorca property prices rise again? By Balearic Estate ...

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