Araoz & Rueda has advised the Brazilian cement group Votorantim Cimentos on the acquisition of a €166.7 million stake in Argentina’s Cementos Avellaneda and Uruguay’s Cementos Artigas, from Uniland Internacional (a subsidiary of FCC).

Additionally Araoz & Rueda has also advised Votorantim on the sale of a €31.7m 11% stake in Cementos Avellaneda and Cementos Artigas to Spain’s Cementos Molins – advised by Garrigues.

The Araoz & Rueda team in these deals was led by partner Pedro Rueda, Barcelona-based Ramón Girbau acted for Garrigues, while Uniland used its own in-house legal department.

The transactions comes as Grupo Votorantim is also believed to be considering taking a significant stake in Portugal’s largest cement producer Cimpor, which is currently looking to fend off a €3.86bn hostile takeover bid by Brazilian steelmaker Companhia Siderurgica Nacional (CSN) – the biggest M&A transaction of the year.

In that deal, Garrigues’ Portuguese corporate partner Diogo Leónidas Rocha is advising CSN, Votorantim is being advised by newly-formed boutique Campos Ferreira Sá Carneiro Advogados (formed by ex-Uría Menéndez and PLMJ partners), and PLMJ, led by Luís Sáragga Leal and Jorge Brito Pereira, is advising Cimpor.