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| Cemex receives compensation for nationalization of Cemex Venezuela Mexican cement maker Cemex SAB announced that it has received payment of US$600 million from the Government of the Bolivarian Republic of Venezuela and its public entity Corporación Socialista del Cemento, S.A. as compensation for the nationalization of Cemex Venezuela, S.A.C.A. In addition, US$154 million of accounts payable by Cemex subsidiaries to Cemex Venezuela have been cancelled. Compensation was paid US$240 million in cash and in various negotiable securities issued by Petróleos de Venezuela, S.A. that during their full term pay an aggregate total of US$360 million. Cemex intends to use the funds received from this compensation for the repayment of indebtedness and general corporate purposes. write your comments about the article :: © 2011 Construction News :: home page |