Holcim Reportedly Resists Huaxin Bid for CSN Cement Unit
Huaxin Cement Co.'s bid to acquire the cement unit of Brazil's Cia. Siderurgia Nacional (CSN) is reportedly encountering significant opposition. This resistance is said to be from Holcim Ltd., identified as a key shareholder in the Chinese bidding company. The development has introduced uncertainty regarding the progression of the potential sale of CSN's cement operations.
Huaxin Cement Co., a Chinese company, has made a bid to acquire the cement unit belonging to Cia. Siderurgia Nacional (CSN), a Brazilian entity.
However, this proposed acquisition is reportedly facing resistance from a significant stakeholder in Huaxin Cement. Holcim Ltd. has been identified as a key shareholder in Huaxin Cement Co. and is said to be opposing the bid.
Sources familiar with the matter indicate that the opposition from Holcim Ltd. is raising questions about the future of the cement unit sale. The reported resistance adds a layer of complexity to the ongoing acquisition process.
According to Bloomberg Markets, this information comes from people familiar with the situation.
