Cemex handing plants to Chavez, Venezuela

Cemex handing plants to Chavez, Venezuela
Published: 28 August 2008

Cemex has agreed to hand over control of its Venezuelan subsidiary to a board appointed by the country’s government, opening the door to price talks, Venezuelan Vice-President Ramon Carrizales said.
 
Negotiators from the government and the Monterrey, Mexico-based company signed the agreement late yesterday, President Hugo Chavez said in a cabinet meeting shown on Venezuelan state television.
 
A transition committee appointed by Venezuela took over Cemex’s plants and Caracas headquarters Aug. 19 after the two sides couldn’t agree on a price. Mr Chavez nationalised the cement industry to increase control of the economy, boost building and cut prices.