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| Venezuela to sign cement firms | |
| (40 minutes later) | |
| Venezuela is proceeding with plans to nationalise its cement industry. | Venezuela is proceeding with plans to nationalise its cement industry. |
| Multinational cement firms Holcim and Lafarge will sign agreements with the country to transfer shares of their local subsidiaries. | Multinational cement firms Holcim and Lafarge will sign agreements with the country to transfer shares of their local subsidiaries. |
| The country has begun nationalising industries, including electricity and gas, as part of President Hugo Chavez's drive toward "21st-Century socialism". | The country has begun nationalising industries, including electricity and gas, as part of President Hugo Chavez's drive toward "21st-Century socialism". |
| However, the Venezuelan government made no mention of Mexican firm Cemex, the country's largest cement producer. | However, the Venezuelan government made no mention of Mexican firm Cemex, the country's largest cement producer. |
| Details of the compensation talks have not been made public. | Details of the compensation talks have not been made public. |
| A spokeswoman for Lafarge said that the company was working to protect the interests of shareholders and staff based in the country. | A spokeswoman for Lafarge said that the company was working to protect the interests of shareholders and staff based in the country. |
| President Chavez has accused foreign cement firms of demanding excessive profits and selling their cement overseas. | |
| Taking them over, he said, would allow his government to progress faster with plans to end a massive housing shortage. | |
| Venezuela aims to secure at least 60% ownership of cement companies and has said private companies can keep minority stakes. | |
| Banking and telecommunications industries are also set to be taken over by the state. | Banking and telecommunications industries are also set to be taken over by the state. |