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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
12/06/201606:30:00CEMEX Makes Significant Progress towards Investment Grade
12/05/201606:30:00CEMEX Announces Take-over Bid for Trinidad Cement Limited at...
12/04/201619:32:00CEMEX Reaffirms Its Commitment to Biodiversity Protection in...
12/02/201617:30:00CEMEX to Divest Ready-Mix Concrete Pumping Assets in Mexico
11/30/201619:30:00CEMEX Prepays 2017 Maturity in Credit Agreement, Has No Significant...
11/28/201617:00:00CEMEX and Quikrete Agree on Terms and Conditions for Sale of...
11/18/201616:30:00CEMEX and GCC Close the Sale of Certain Assets in the U.S.
11/17/201606:00:00CEMEX to Digitally Transform Its Customers’ Experience in Collaboration w...
11/17/201606:00:00CEMEX to Digitally Transform its Customers' Experience in Collaboration...
10/28/201617:15:00CEMEX Announces Expiration and Final Settlement of Its Tender...
10/27/201606:15:00CEMEX Reports Third-Quarter 2016 Results
10/14/201618:08:00CEMEX Announces Early Tender Results for 7.250% Senior Secured...
10/05/201620:39:00CEMEX Announces New Management in CLH and CEMEX Colombia
10/03/201617:30:00CEMEX’s Conservation Programs Certified by the Wildlife Habitat C...
09/29/201621:22:00CEMEX Announces Tender Offer for 7.250% Senior Secured Notes...
09/12/201614:20:00Cemex to Sell Ohio Assets to Eagle Materials
09/12/201606:30:00CEMEX Announces Divestment of Its Fairborn Cement Plant in the...
08/30/201603:03:00Business Watch -- WSJ
08/29/201606:35:00CEMEX Participates in GCC Corporate Restructuring
08/29/201606:34:00CEMEX and GCC Agree on Terms and Conditions for Sale of Certain...

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