Cimpor investor Fino holds out for higher bid

Manuel Fino, owner of a 10 percent stake in Cimpor-Cimentos de Portugal SGPS SA, is holding out for a higher price after Companhia Siderurgica Nacional SA offered to buy the Portuguese cement maker, Diario Economico reported, without saying where it got the information.

Fino has an option to buy back another 10 percent he sold to state-owned bank Caixa Geral de Depositos SA, Diario said. Among Cimpor's shareholders, construction company Teixeira Duarte-Engenharia e Construcoes SA is the main opponent of the CSN bid, the newspaper said.

From China Cement (2009-12-29)