Venezuela: talks with Cemex extended for 30 days

Venezuela: talks with Cemex extended for 30 days
Published: 29 October 2008

The Venezuelan National Executive has not come to terms yet with Cemex and as a result, the term to reach an agreement has been extended.

When the authorities reported on the nationalisation of Cemex, they said that in a 60-day term the price to be paid for the stocks of the Mexican subsidiary would be set. The deadline ended last weekend. According to official sources, the parties agreed to extend negotiations for 30 days.

The new term is because of the troubles to set the amount payable for the company. Now, the authorities that head the talks think that due to falling Cemex shares, the price needs to be reviewed.