HCMLF - Brazil regulator OKs sale of Holcim's local cement business to CSN

Brazil antitrust regulator CADE on Wednesday approved steelmaker Companhia Siderurgica Nacional's ( NYSE: SID ) acquisition of Holcim's ( OTCPK:HCMLF ) local cement business with no restrictions, allowing the ~$1B deal to be completed.

Technical staff at CADE previously approved the deal, but the board could have overruled the decision at Wednesday's meeting.

CSN ( SID ) first announced the acquisition last September, as the world's largest cement maker tries to diversify away from its core business.

Earlier this week, CSN ( SID ) said Q2 results were dragged down by its mining business , with net income falling 73% Y/Y to 369M reais (~$72M), far short of the 920M reais analyst consensus estimate .

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