HOLDERBANK (Switzerland) and Portugal's SECIL have launched an unsollicited takeover bid on the number one cement firm in Portugal, CIMPOR (consolidated turnover of EUR 981 million in 1999 with a workforce of 5,200 and annual production capacity of 15.5 million tonnes of cement). The two allies plan to acquire at least 67% of CIMPOR, offering 20.5 euros cash per share. The bid, 30% above the average CIMPOR trading price, values the enterprise at EUR 2.49 billion. Reacting to this announcement, Portugal's Finance Ministry pointed out that it was not willing to sell the 12.7% stake it still owns in CIMPOR (Portugal privatised CIMPOR in stages beginning in 1994 and still owns 12.7%).