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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;; 58-414-249-6821

Stock News for Cemex (CX)
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...
08/02/201617:30:00CEMEX Participates in Reconstruction of Central Florida’s Main H...
07/28/201617:15:00CEMEX Announces Expiration and Final Settlement of Its Tender...
07/27/201606:15:00CEMEX Reports Second-Quarter 2016 Results
07/14/201620:00:00CEMEX Announces Early Tender Results for 9.375% Senior Secured...
07/12/201617:30:00CEMEX Obtains ‘Green’ Financing from IFC
06/29/201622:30:00CEMEX Announces Tender Offer for 9.375% Senior Secured Notes...
06/29/201620:45:00CEMEX Announces Pricing of the Sale of a Minority Stake in the...
06/23/201617:30:00CEMEX Contributes to Extension of Los Angeles Metro
06/20/201606:30:00CEMEX Subsidiary in the Philippines Receives Pre-Effective Approval...
06/09/201608:08:00Corporate Social Responsibility Related News Releases and Story...
06/08/201619:56:00CEMEX Announces Pricing of €400 Million in Senior Secured Notes

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