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Camargo Correa, a large engineering and construction contractor in Brazil, has announced it will buy Argentina’s biggest cement maker, Loma Negra.
The actual price tag is US$750mn and the Brazilian company will assume another US$250mn in debt.

Loma Negra has nearly half of the Argentine cement market. It presently produces about 3mn metric tons of cement yearly, or about 40% of its capacity.

The deal will also see Camargo Correa take control of Loma Negra’s subsidiaries, including railway Ferrosur, residue treatment company Recycomb and the Uruguay-based Cementos del Plata.

The purchase of the cement company is still subject to approval by Argentine regulators. Loma Negra is controlled by Argentina’s richest woman, Amalia Lacroze de Fortabat.