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Venezuela: Will Reveal 'Friendly Agreement' With Cemex Soon

DOW JONES NEWSWIRES CARACAS -(Dow Jones)- The Venezuelan government said Friday it plans to announce "a friendly agreement" with Mexican cement giant Cemex SAB (CX, CEMEX.MX) in the coming days, in the latest development between the two parties after Venezuela seized the company's local operations more than two years ago. In April 2008, the government of President Hugo Chavez expropriated Cemex's local assets, part of a broader move to bring strategic economic sectors under state control and implement a socialist revolution. Venezuela and the Monterrey company have been in negotiations in the World Bank's International Center for Settlement of Investment Disputes since then. In a statement Friday, Venezuela's Science and Technology Ministry reiterated that it had reached agreements with other cement makers whose operations had also been nationalized. After a wave of acquisitions and seizures in 2008 that gave the Venezuelan government near total control over the country's cement industry, it agreed to pay $267 million to France's Lafarge SA (LFRGY) for 89% of its local unit, and $552 million to Switzerland-based Holcim Ltd (HOLN.VX) for 85% of its subsidiary. In 2010, the Chavez government nationalized more than 200 companies. -By Kejal Vyas, Dow Jones Newswires; kejal.vyas@dowjones.com; 58-414-249-6821

Stock News for Cemex (CX)
DateTimeHeadline
05/05/201608:08:00Corporate Social Responsibility Related News Releases and Story...
05/04/201606:30:00CEMEX Creates Fire and Explosion Proof Concrete
05/02/201612:50:00Cemex to Sell U.S Assets to Grupo Cementos de Chihuahua for $400...
05/02/201606:30:00CEMEX to Divest Certain Assets in the U.S.
04/28/201617:15:00CEMEX Announces Subscription Issue Price of New CPOs
04/28/201606:30:00CEMEX Reaffirms Its Commitment to Contribute to a Low-Carbon...
04/25/201623:45:00CEMEX Announces Tender Offer for Floating Rate Senior Secured...
04/22/201620:16:00CEMEX Files Annual Report on Form 20-F for Fiscal Year 2015
04/21/201606:15:00CEMEX Reports First-Quarter 2016 Results
03/11/201617:15:00CEMEX to Host Its Annual CEMEX Day on March 17, 2016
03/10/201622:05:00CEMEX Subsidiary Presents Application to Philippine Authorities...
03/10/201618:51:00ADRs End Mixed; Oi Declines
03/10/201606:30:00CEMEX Announces Divestment of Its Operations in Bangladesh and...
03/09/201622:30:00CEMEX Announces Pricing of U.S.$1.0 Billion in Senior Secured...
03/09/201608:14:00CEMEX Announces Offering of Senior Secured Notes
03/07/201618:36:00ADRs End Mostly Lower; Mining Firms Rise
03/07/201606:30:00CEMEX Obtains Required Consents to Amend Its Credit Agreement
02/04/201606:15:00CEMEX Reports Fourth-Quarter and Full-Year 2015 Results
12/08/201517:35:00CEMEX Presents “Earth’s Legacy: Natural World Heritage”
12/01/201521:00:00CEMEX Announces Organizational Changes

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