Venezuela wants nationalization deal with Switzerland's Holcim

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March 27, 2009 09:50

 
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Venezuela's energy minister says he is sure his government will reach a deal with Holcim Ltd. in the nationalization of the Swiss cement maker's Venezuelan assets. Rafael Ramirez dismissed a statement Holcim issued earlier this week seeking help from Washington-based arbitration panel in collecting compensation. Holcim said it hasn't received any of the $552 million that Venezuela agreed to pay for an 85-percent stake in its plants. Venezuela nationalized assets belonging to Holcim, France's LaFarge SA and Mexico's Cemex SAB last year. None have been compensated, but Ramirez on Thursday said Venezuela had "an understanding" with the companies.

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