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Message: Venezuela: Cement makers to get $358M in takeovers

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Venezuela: Cement makers to get $358M in takeovers

posted on Jul 30, 09 10:43PM

Venezuela: Cement makers to get $358M in takeovers

Associated Press, 07.30.09, 10:24 PM EDT

CARACAS, Venezuela -- Venezuela has authorized a $378 million payment for two European cement companies that have been waiting nearly a year for compensation after their local assets were nationalized, President Hugo Chavez's government said Thursday.

Swiss cement maker Holcim Ltd. and Paris-based Lafarge SA will initially receive 40 percent of the agreed-upon purchase price for their local affiliates, Infrastructure Minister Diosdado Cabello told state-run Bolivarian News Agency.

He said the government will pay the rest over four years, without interest. The report did not say when the initial payment would be made.

Officials at both companies could not be reached for comment late Thursday.

Chavez announced the nationalizations of three cement makers last year: Holcim, Lafarge and Mexico's Cemex ( CX - news - people ) SAB. His government has also recently nationalized major companies in the metals, oil and electricity sectors as it aims to build a socialist economy.

Venezuela agreed last August to pay Lafarge $267 million for an 89 percent stake in its company, and Holcim $552 million for an 85 percent share.

But seven months later, Holcim announced it was filing for international arbitration because it had yet to see any compensation. Lafarge also complained that it had not been paid.

Cemex has not reached a deal with Venezuela and filed for World Bank arbitration last August, calling the confiscation of its assets a "flagrant violation" of Venezuela's constitution and expropriation laws.

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