Arab Today, arab today venezuela settles with mexico\s cemex over takeover
Last Updated : GMT 14:03:39
Arab Today, arab today
Arab Today, arab today

Venezuela settles with Mexico\'s Cemex over takeover

Arab Today, arab today

Arab Today, arab today Venezuela settles with Mexico\'s Cemex over takeover

Caracas - AFP

The government of President Hugo Chavez  announced it had agreed to pay Mexican cement giant Cemex $600 million for expropriating its Venezuela operations in 2008. The agreement nullifies a World Bank arbitration the Mexican company filed soon after the takeover. \"Compensation will be paid $240 million in cash and $360 million in various negotiable securities issued by (Venezuelan state oil giant) Petroleos de Venezuela, S.A. (\"PDVSA\"),\" Cemex said in a statement. Industries Minister Ricardo Menendez told state news agency AVN that Venezuela agreed with the Mexican company on Wednesday to pay $240 million \"in the next days,\" and the remainder over four years. In April 2008 Chavez ordered the nationalization of Venezuela\'s cement factories, and in August of that year took over Cemex\'s local operations. Cemex is the world\'s third largest cement producer, and its Venezuela operation has the capacity to produce 4.6 million tons of cement a year -- about half of the country\'s cement production. Cemex was likely amenable to reaching an agreement with Venezuela because of its own problems: the company currently has a $17 billion debt and has seen its stock value plummet, in part due to construction slowdowns in Europe and the United States. Chavez seized the company after rejecting the company\'s reportedly overpriced demand of 1.3 billion dollars for a controlling share of the business. The nationalization came after buyout talks failed. In April 2008 Chavez said he wanted to create a large national cement company so that he could build much-needed housing for the poor. \"We are convinced that the agreement has been positive for all sides,\" said Jaime Elisondo, Cemex\'s representative in Venezuela. Since 2007 Venezuela has nationalized oil fields in the Orinoco basin, energy, telecommunications, oil and steel concerns, and French, Swiss and Mexican cement companies.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today venezuela settles with mexico\s cemex over takeover Arab Today, arab today venezuela settles with mexico\s cemex over takeover

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:34 2017 Wednesday ,22 February

Euro zone economy outlook shines

GMT 04:10 2017 Wednesday ,22 February

US stocks finish at another all-time high

GMT 02:31 2017 Wednesday ,22 February

Arms deals worth over AED6.9 bn sealed on day two of IDEX

GMT 02:21 2017 Wednesday ,22 February

Putin urges Russian nuclear weapons boost

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 20:39 2017 Tuesday ,21 February

China allocates $117 billion to expand railway network
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday