Argentina's largest cement producer, Loma Negra, is about to return to local control, and a stake acquisition led by local capital has entered the final stage. The deal, led by Latcem, an investment platform led by Marcelo Mindlin, in conjunction with Redwood Capital Management and Moneda-Patria Investment Fund, targets the industry giant, which accounts for nearly half of the Argentine cement market.
The transaction process ushered in a key breakthrough. The Bankruptcy and Judicial Recovery Court of Sao Paulo, Brazil, formally approved the debt restructuring plan submitted by InterCement, clearing the core legal obstacles to the acquisition. Debt problems at InterCement, the Brazilian parent company that owns 52% of Loma Negra, have been the biggest wild card hanging over the deal. The ruling means that the whole acquisition process has formally entered the final stage, leaving only the completion of regulatory approval in Brazil and overseas legal procedures.
Latcem referred to the court ruling as an "important milestone" and disclosed the details of the deal. The restructuring plan includes financing injected by new shareholders, which is specifically used to strengthen working capital and ensure operational continuity during the transition of ownership. Although some procedures still need to be finalized, all parties concerned have indicated that these steps are progressing as planned and the completion of the transaction is in sight. For its part
, InterCement stressed that the debt restructuring enabled it to begin a period of financial stability. In the next five years, it will no longer face the pressure of major debt maturity, and the capital structure will be substantially strengthened. The company, which accounts for 14% of the Brazilian cement market, will focus more on local business development by divesting Argentine assets.
Loma Negra's financials reveal a realistic context for the deal. In the third quarter of 2025, the company's net income was $154 million, down 12.1% year-on-year, reflecting weak market demand. Net debt had accumulated to about $206 million by the end of the quarter, although it was still $36 million in the quarter. Founded in 1926, Loma Negra is one of Argentina's oldest industrial groups, and its 45% market share makes it a strategic asset.
The deal, if successfully completed, would mark an important return to Argentina's industrial landscape. Loma Negra has been under the control of Brazilian capital for the past 20 years, and this return to Argentine ownership is not only of commercial significance, but also seen as a symbolic event for local capital to restore industrial strength. In the current economic environment, domestic enterprises regain control of key industrial resources, which may have a far-reaching impact on Argentina's industrial policy.
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