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Venezuela to sign cement firms Venezuela to seize cement plants
(about 2 hours later)
Venezuela is proceeding with plans to nationalise its cement industry. Venezuela has said it will seize local plants and offices belonging to Mexican cement giant Cemex, as it proceeds with nationalising its cement industry.
Multinational cement firms Holcim and Lafarge will sign agreements with the country to transfer shares of their local subsidiaries. Cemex's Swiss and French rivals Lafarge and Holcim have agreed to hand control of their local subsidiaries to Caracas.
The country has begun nationalising industries, including electricity and gas, as part of President Hugo Chavez's drive toward "21st-Century socialism". However, a deal with Mexico's Cemex "hasn't been possible", said Venezuelan Vice-President Ramon Carrizalez.
However, the Venezuelan government made no mention of Mexican firm Cemex, the country's largest cement producer. Venezuela has begun nationalising several industries as part of a drive toward "21st-Century socialism".
Details of the compensation talks have not been made public. Mr Carrizalez said that Venezuela was acquiring 89% of Lafarge's Venezuelan operations and 85% of Holcim's local unit.
A spokeswoman for Lafarge said that the company was working to protect the interests of shareholders and staff based in the country. The two firms have signed agreements setting out the process for transferring shares to the government.
President Chavez has accused foreign cement firms of demanding excessive profits and selling their cement overseas. Compensation details have not been made public.
Taking them over, he said, would allow his government to progress faster with plans to end a massive housing shortage. A spokeswoman for Lafarge earlier said that the company was working to protect the interests of shareholders and staff based in the country.
Venezuela aims to secure at least 60% ownership of cement companies and has said private companies can keep minority stakes. 'Excessive profits'
Venezuelan President Hugo 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 make faster progress with plans to end a massive housing shortage.
"We're going to lower the costs of cement, the costs for building housing," he said in a televised address on Monday.
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.