SECIL and "Holderbank" make modified takeover bid to CIMPOR

11 August 2000

Responding fast to the negative outcome of the general meeting staged by CIMPOR today (Friday), SECIL and "Holderbank" are launching a modified takeover bid.


The move is designed to overcome misgivings about an abolition of restrictions on voting rights as voiced in the runup to the general meeting.


SECIL is raising its cash offer through subsidiary Secilpar by around 15 percent from EUR 20.50 to EUR 23.50 to adequately address market developments over the past few weeks.

The core element of the modified takeover bid is to strengthen the Portuguese shareholdership of the "NEW CIMPOR" and meet Portuguese government expectations.


To this end, the offer now only envisages the acquisition of at least 51 percent of the share capital - the earlier precondition stipulated a majority of 67 percent.


This conscious reduction in the equity quota gives local shareholder groups an opportunity to play an active role in the executive management of the new CIMPOR jointly with "Holderbank".


In order to defend and reinforce CIMPOR's position as a major national enterprise - the company name would remain unchanged - "Holderbank" also intends to use CIMPOR as a platform for existing and future "Holderbank" interests.


CIMPOR would remain listed on the Lisbon Stock Exchange.SECIL and "Holderbank" are convinced that this modified and attractive takeover bid will find wide support.


Both partners are optimistic that in the near future CIMPOR shareholders will lift the restrictions on voting rights and that the Portuguese government will interpret the new situation favorably.


With majority and minority interests in 70 countries on all continents, "Holderbank" is one of the world's leading suppliers of cement, as well as aggregates (gravel and sand), concrete and construction-related services.

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