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Concrete
April 10, 2008
Venezuela's cement nationalization plan takes step backward
CARACAS, Venezuela
Venezuela said Monday that it will take control of three foreign-owned cement businesses, but will let the current owners keep minority shares.
Oil Minister Rafael Ramirez made the announcement after talks with representatives of Mexico’s Cemex SAB, France’s Lafarge SA and Switzerland’s Holcim Ltd.
President Hugo Chavez announced the nationalization of the country’s biggest cement businesses last week, and Ramirez told state television it could be handled much like the nationalization of oil projects last year: “That’s to say, a share of participation by the Venezuelan state of a minimum of around 60 per cent.’’
The foreign companies have not yet indicated if they would accept the terms and stay on as minority partners.
Associated Press
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