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| Holcim sells shareholdings in Panama and the Caribbean Swiss cement maker Holcim AG said it is selling its shareholding in Panama, the Dominican Republic and Haiti as well as terminals in the Caribbean to its long-time joint venture partner Argos, Colombia's largest cement producer, for USD 157 million (CHF 168 million). Holcim Venezuela, the long-term economics of supplying Holcim produced clinker and cement to the grinding stations and terminals in Panama and the Caribbean, was nationalized last year. Holcim has to date not received a compensation offer from the Republic of Venezuela that is acceptable from a legal or financial standpoint. Holcim said it will continue with the arbitration proceedings as filed with the International Centre for the Settlement of Investment Disputes (ICSID) in Washington D.C. in March 2009. The group seeks full compensation for the expropriation of Holcim Venezuela, by the Venezuelan Government. write your comments about the article :: © 2009 Construction News :: home page |