Cemex to get compensation from Chavez

Cemex to get compensation from Chavez
Published: 16 September 2010

The president of Venezuela, Hugo Chavez has today announced that he has approved the freeing-up of the funds required to complete a friendly agreement with Cemex regarding expropriation of the latter’s local operation in 2008.

The Cemex filial in Venezuela was one of three big global groups’ filials nationalised and the only one of the three until now not to have had a price tag attached to it (Lafarge and Holcim both accepted compensation back in 2008).

Cemex of Mexico started arbitration in December 2008 and had wanted US$1.3bn from Chavez with the Venezuelan leader offering just half that total.