Holcim Signs Venezuela deal

Holcim Signs Venezuela deal
13 September 2010

Holcim said Monday it and Venezuela have agreed on the terms of a compensation payment for the nationalization of Holcim’s operations in 2008.

The agreed total compensation is US$650m, of which a first down payment of US$260m was received.

The remaining compensation amount of US$390m will be paid in four equal yearly installments.

The agreement follows a international arbitration procedure before the International Centre for Settlement of Investment Dispute, or ICSID in connection with that nationalisation.
Published under Cement News