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Venezuela nationalises cement firms
Venezuela has said it will seize local plants and offices belonging to Mexican cement giant Cemex, as it proceeds with nationalising its cement industry. Cemex's Swiss and French rivals Lafarge and Holcim have agreed to hand control of their local subsidiaries to Caracas. However, a deal with Mexico's Cemex "hasn't been possible", said Venezuelan Vice-President Ramon Carrizalez. Venezuela has begun nationalising several industries as part of a drive toward "21st-Century socialism". Mr Carrizalez said that Venezuela had acquired 89% of Lafarge's Venezuelan operations for $267m and paid $552m for 85% of Holcim's local unit. The two firms have signed agreements setting out the process for transferring shares to the government. Mr Carrizalez said Cemex had asked for $1.3bn for its Venezuelan operations. A spokeswoman for Lafarge earlier said that the company was working to protect the interests of shareholders and staff based in the country. Posted by: Fred 2008-08-19 |
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