Holcim says not in Venezuela compensation talks

Holcim says not in Venezuela compensation talks
Published: 25 September 2009

Holcim  denied on Thursday that it was in talks with the Venezuelan government over a possible agreement on how much Venezuela should pay for its nationalised unit.

Public Works Minister Diosdado Cabello had said on Wednesday Venezuela was in talks with Holcim after it reached a deal to pay Lafarge more than US$250m for factories it nationalised last year.

"We are not in any discussions with the Venezuelan government. We are still focusing on settling the dispute at the Court of Arbitration at the World Bank in Washington," a spokesman for Holcim said.

President Hugo Chavez has nationalised much of Venezuela’s industry, including cement and steel works along with multi-billion dollar oil projects.

Holcim rejected Venezuela’s compensation offer in July, saying it was not acceptable from either a legal or financial standpoint. [ID:nLV623148]

The group said at the time it would continue with the arbitration proceedings as filed with the International Centre for the Settlement of Investment Disputes (ICSID).

Source: Reuters