Apr 27, 2004. /Lesprom Network/. Portuguese cement company Semapa has won a 30% stake in state pulp and paper company Portucel for 334 million euros ($396.3 million) in a partial privatisation, the government said on Monday. Portugal had held 56% of Portucel, one of Europe's biggest makers of uncoated paper, and sold 30% in the second phase of Portucel's privatisation. Semapa bid the minimum price of 1.45 euros a share, beating out mining and paper company Anglo American, Canada's Domtar Inc, Portuguese conglomerate Cofina and Paris-based paper maker Lecta. The centre-right government decided "to follow in its entirety the proposal made by the advisory panel ... which indicated that the winner of this contest would be Semapa," Finance Minister Manuela Ferreira Leite told a news conference. The government had said other criteria such as strategywould take precedence over the bidding price. Economy Minister Carlos Tavares told the news conference Semapa's proposal "was a long term one, which was one of the aspects that heightened its value." Semapa controls Portugal's number-two cement maker, Secil. It said in a statement that it was open to partnerships in Portucel. Tavares said the government could sell another 15% of Portucel to institutional investors. Portugal has set no time limit on the sale. "First, we want to stabilise this phase of privatisation," he said. Under the rules of sale, Semapa cannot sell its 30% stake for five years. Semapa shares closed flat at four euros. Portucel finished up 0.66% at 1.53 euros. Cofina criticised the decision, saying it did not defend the best interests of a major company or national interests. Cofina's holdings include pulp company Caima.