Venezuela cement makers to get US$358m in takeovers
Venezuela has authorised a US$378m payment for two European cement companies that have been waiting nearly a year for compensation after their local assets were nationalised, President Hugo Chavez’s government said Thursday.
Holcim Ltd and Lafarge SA will initially receive 40 per cent 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.
Published under Cement News
