Cemex agree compensation with Venezuela government

Cemex agree compensation with Venezuela government
Published: 01 December 2011

Cemex is pleased to report that it has reached an agreement, through its Dutch subsidiaries, with the Government of the Bolivarian Republic of Venezuela and its public entity Corporación Socialista del Cemento SA contemplating the compensation payment to Cemex of US$600m for the nationalisation of Cemex Venezuela, SACA. (“CEMEX Venezuela”).

Additionally, the agreement contemplates the cancellation of US$154m of accounts payable by Cemex subsidiaries to Cemex Venezuela.

Compensation will be paid US$240m in cash and US$360m in various negotiable securities issued by Petróleos de Venezuela SA (“PDVSA”).
 
The Government of the Bolivarian Republic of Venezuela, Corporación Socialista del Cemento, SA, and Cemex are pleased with the resolution of this dispute and look forward to further the relationship between Venezuela and Mexico.

Cemex is grateful for the support received from the Presidents and Chancellors of Mexico and Venezuela in this matter.