Venezuela to compensate Holcim cement

Swiss cement giant Holcim said on Monday that Venezuela will pay 650 million dollars (507 million euros) in compensation for nationalising its Venezuelan subsidiary.

"Holcim signed a settlement with the Bolivarian Republic of Venezuela agreeing on the terms for Venezuela?s compensation payment for the June 2008 nationalization of Holcim Venezuela C.A," the group said in a statement.

Swiss cement giant Holcim said on Monday that Venezuela will pay 650 million dollars (507 million euros) in compensation for nationalising its Venezuelan subsidiary

With the agreement, a complaint brought by Holcim to a World Bank panel over the nationalisation has been suspended, added the group.

Total compensation reaches 650 million dollars, including 260 million dollars in down payment which Holcim said it has received.

The remaining sum would be paid out in four yearly instalments, added the group, which is one of the world's biggest cement-makers.

source AFP

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