LISBON: Portuguese cement company Cimpor said on Tuesday it will not proceed with the acquisition of Egypt s Misr Cement Qena after it failed to buy enough shares to control the Egyptian group.

Portugal s biggest cement company had offered LE 80 a share for up to 100 percent of the 30 million shares in Misr Cement Qena through its Spanish subsidiary Cimpor Inversiones. Cimpor said in a statement late on Monday that it had failed to secure enough shares to control Misr Cement and that therefore, it was decided not to proceed with the acquisition of those shares.