J.P. Morgan & Co. and Citicorp are playing major roles in the purchase of a big Spanish cement producer by Cemex SA, the world's fourth-largest cement company.

Cemex, a Mexican company advised by Morgan, has acquired 24.9% of Compania Valenciana de Cementos Portland SA and plans to purchase a further 29.1% after making a tender offer for publicly held Valenciana shares.

Citicorp is leading the tender offer and is also arranging a loan to Cemex of about $750 million for the acquisition.

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