Huaxin agrees to buy 99.99% of Brazil’s CSN Cimentos for US$1.64 billion
China’s Huaxin Building Materials Group has agreed to acquire a 99.99% stake in CSN Cimentos, Brazil’s second-largest cement producer, in a deal valued at US$1.64 billion, exchange filings disclosed on Sunday. The transaction remains subject to regulatory approval in China and Brazil. CSN Cimentos operates seven kilns and six grinding stations with annual cement capacity of 17 million tonnes, representing roughly 21% of Brazil’s market, the filings showed.