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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
08/27/201522:12:00CEMEX Inaugurates Grinding Mill in Nicaragua
08/20/201515:00:00Fortune Recognizes CEMEX´s Positive Impact in the World
08/12/201511:50:08Cemex to Sell Some Europe Assets
08/12/201505:00:00CEMEX Announces Divestment of Its Operations in Croatia
08/12/201505:00:00CEMEX Announces Divestment of Its Operations in Austria and Hungary
08/03/201508:30:00CEMEX Successfully Completes Refinancing of Its 2012 Facilities...
07/31/201508:45:00European Commission’s Antitrust Proceedings in Europe Closed
07/28/201516:30:00CEMEX Upgraded by Fitch Ratings
07/22/201507:30:00CEMEX Reports Second-Quarter 2015 Results
07/15/201510:00:08Holcim, Lafarge Launch Combined Company
06/04/201519:42:00CEMEX Announces Project with International Organizations to Create...
05/21/201508:30:00CEMEX Announces Agreements to Exchange Approximately U.S.$626...
05/19/201516:40:00CEMEX Helps Build Resilient and Sustainable Urban Communities
05/14/201508:30:00CEMEX Announces New U.S.$300 Million Investment in the Philippines
05/07/201506:00:00Pattern Energy Reports First Quarter Results
05/07/201506:00:00Pattern Energy Reports First Quarter Results
05/01/201516:49:19Cemex SAB de CV Rating Reiterated by Zacks (CX)
04/30/201517:16:00CEMEX Announces Subscription Issue Price of New CPOs
04/27/201508:45:00CEMEX Files Annual Report on Form 20-F for Fiscal Year 2014
04/23/201518:21:48ADR Shares End Higher; Ericsson Drops, Logitech Rises

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