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| Holcim agrees to sell 85% of Venezuelan unit to government In April 2008, the Venezuelan government announced the nationalization of at least 60 percent of all foreign cement producers operating in the country. On June 18, the respective decree has been published. On August 18, a basic agreement was signed between the Venezuelan government and Swiss cement-maker Holcim. This agreement stipulates that the State of Venezuela will purchase 85 percent of Holcim Venezuela and the Holcim Group will keep a stake of 15 percent. The two parties also reached an agreement in principle on the compensation which is subject to a financial due diligence. The final contract should be prepared and signed in the following weeks. write your comments about the article :: © 2008 Construction News :: home page |