CSN to Receive Binding Offers for Cement Unit Until August 7, Says Valor
CSN's Cement Unit Sale Attracts Multiple Bidders
SAO PAULO, June 3 (Reuters) - Brazilian steelmaker CSN will receive binding offers for its cement unit until August 7, local newspaper Valor Economico reported on Wednesday, adding the firm received more than half a dozen proposals in the transaction's non-binding phase.
Key Interested Investors
Among interested investors for the deal which could raise 10 billion reais ($1.98 billion), Valor mentioned Chinese groups Sinoma and Huaxin Building Materials, Italy's Italcementi and Brazilian firm Votorantim.
Initial Interest and Withdrawals
J&F, controlled by the billionaire Batista family, and Suzano Holding, which runs pulpmaker Suzano, were initially interested, but have already left the dispute, the newspaper said, citing sources.
Company Response and Previous Reports
CSN did not immediately reply to a request for comment.
Reuters' April Report
Reuters reported in April on interest from the Chinese companies, J&F and Votorantim, adding that China's Anhui Conch Cement was also considering a proposal.
Financial Adviser Appointment
CSN has appointed Morgan Stanley as its financial adviser for the sale process, according to the April report.
Additional Information
($1 = 5.0614 reais)
(Reporting by Fernando Cardoso, Editing by Natalia Siniawski)
