Taiwan Cement Corporation to buy Cimpor

 In Companies, Industry, News

The cement giant of Portuguese origin, Cimpor, announced on Friday that the Portuguese competition authority, Autoridade da Concorrência (AdC) will not oppose a buyout bid from Taiwan Cement Europe Holdings B.V., a subsidiary of the Taiwan Cement Corporation (TCC).

It means that if there are no further objections from official entities, Cimpor will be bought by the Taiwan Cement Corporation (TCC).
The company said in a communiqué that the sale process had “gone according to the timings expected by both parties”, with some decisions already confirmed, namely the position of the competition authorities in Taiwan and China.
The AdC announced that on 22 December, 2023 it received a notification of an operation to merge the companies, which consisted of the acquisition by Taiwan Cement Europe Holdings for the exclusive control of Cimpor Portugal Holdings.
The Turkish company Oyak sold a 60% of Cimpor to TCC for €480 million, so that now Cimpor Portugal Holdings will be held 100% by TCC.
In 2018, Cimpor signed a contract with Oyak for the sale of all the assets that comprised Cimpor’s business assets in Portugal and Cape Verde.