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Article: Trinidad Cement shareholders block Cemex takeover bid
- Article from:
- AP Worldstream
- Article date:
- July 30, 2002
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Dateline: SAN FERNANDO, Trinidad
Shareholders of Trinidad Cement Ltd. voted to block a takeover bid
by the Mexican company Cemex, deciding to keep barring any shareholder
from buying more than 20 percent of the company.
By maintaining the restriction, Monday night's vote will hinder Cemex
in its efforts to negotiate a deal with Trinidad Cement's 6,000 shareholders.
Cemex, one of the world's top three cement-producing companies, already
owns 20 percent of Trinidad Cement.
The resolution that sought to lift the limit needed 75 percent of
the votes to win, but it garnered only 67 percent in a hall crowded
with more than 700 shareholders. Opponents stood and applauded when ...