Brazil’s antitrust regulator CADE on Wednesday approved the sale of Holcim’s local cement business to steelmaker Cia Siderurgica Nacional with no restriction, allowing the $1.025 billion deal to be completed.
CSN first announced the acquisition of LafargeHolcim Brasil in September 2021 as Switzerland-based Holcim, the world’s largest cement maker, tries to diversify away from its core business.
CADE’s board of directors gave their green light to the sale in a unanimous 7-0 vote.
Technical staff at CADE had already approved the deal earlier this year, but the board could still overrule the decision at its Wednesday meeting.
The move represents a blow to Brazilian cement maker Cimento Tupi SA, a privately-owned company that contested the deal saying it would create competition issues mainly in Southeastern Brazil.
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