Cemex has issued a press release to report that it has reached an agreement, through its Dutch subsidiaries, with the Government of the Bolivarian Republic of Venezuela and its public entity Corporación Socialista del Cemento, S.A. contemplating the payment to Cemex of US$600 million as compensation for the nationalization of Cemex Venezuela. Additionally, the agreement contemplates the cancellation of US$154 million of accounts payable by Cemex subsidiaries to Cemex Venezuela.
Compensation will be paid US$240 million in cash and US$360 million in various negotiable securities issued by Petróleos de Venezuela, S.A..
The press release states that the government of the Bolivarian Republic of Venezuela, Corporación Socialista del Cemento, S.A., and Cemex are pleased with the resolution of this dispute and look forward to further the relationship between Venezuela and Mexico.
Read the article online at: https://www.worldcement.com/the-americas/01122011/cemex_finally_gets_resolution_to_venezuelan_nationalisation/