SAO PAULO, Aug 17 (Reuters) - Brazil's antitrust regulator CADE on Wednesday approved the sale of Holcim AG's local cement business to steelmaker Cia Siderurgica Nacional with no restriction, allowing the $1.025 billion deal to be completed.
CSN first announced the acquisition of LafargeHolcim Brasil in September 2021 as Switzerland-based Holcim, the world's largest cement maker, tries to diversify away from its core business.
CADE's board of directors gave their green light to the sale in a unanimous 7-0 vote.
Technical staff at CADE had already approved the deal earlier this year, but the board could still overrule the decision at its Wednesday meeting.
The move represents a blow to Brazilian cement maker Cimento Tupi SA, a privately-owned company that contested the deal saying it would create competition issues mainly in Southeastern Brazil.
Shares in CSN were near flat in midday trading, in line with the broader Bovespa stock index.
(Reporting by Gabriel Araujo; Editing by Brendan O'Boyle)
Though signs point to prices moderating, Powell said on Friday that the bank will continue to hike interest rates this year
The news is good for some — but not for others.
The Fed chair obviously chose to ignore data released just today that shows that current consumer level inflation is not exactly out of control.
Federated Hermes Chief Equity Strategist Phil Orlando joins Yahoo Finance Live to discuss Jerome Powell's latest comments and what the next steps from the Fed may be to fight inflation.
The chip maker has lost a third of its value in 2022. Its CEO just made his biggest buy of shares since becoming CEO early last year.
Follow Buffett’s lead. And collect big dividends while you’re at it.
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The old stock market axiom to buy when others are fearful could readily apply right now, according to Ashish Shah, chief investment officer at Goldman Sachs. Amid concerns markets will be volatile following Federal Reserve Chair Jerome Powell’s Jackson Hole policy speech on Friday, Shah thinks that doesn’t mean investors should stay on the sidelines at present. It's preferable to buy "when there's fear in the market," say Shah. "Don't fall into the trap of buying when there's FOMO," he added. Ag
The central bank won’t be pivoting any time soon, which could be particularly painful for pricey growth stocks.
Western countries continue to focus on the wrong priorities, the billionaire CEO of Tesla seems to be saying.
Here’s a good bit of news for retirees in 2022: you can keep more money in your tax-deferred retirement accounts.
DEEP DIVE It took only a 10-minute speech from Federal Reserve Chairman Jerome Powell on Friday to clarify that monetary policy would be relentlessly tightened in the months ahead. Investors dumped stocks, sending the S&P 500 Index down 3.
One economist says it could encourage people to borrow even more for school, keeping the wheels of student debt turning.
Despite historically high inflation, the Oracle of Omaha has sold shares of these supercharged income stocks, which are yielding between 3.9% and 5.8%.
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Canadian cannabis stocks are under pressure yet again today. As of 1:12 p.m. ET Friday, Tilray (NASDAQ: TLRY) stock was down by 5.4%, Canopy Growth's (NASDAQ: CGC) equity was in the red by 7.3%, and Aurora Cannabis' (NASDAQ: ACB) shares were lower by 7%. Yesterday, Democratic Sen. Ron Wyden admitted in comments to public policy magazine The American Prospect that the Cannabis Administration and Opportunity Act (CAOA) is unlikely to have the 60 votes required to pass.
Most news coverage of stocks is like reporting on the score four minutes into an NBA game. It's just noise because there's space to fill.