Swiss cement maker Holcim says it will receive $650 million compensation from Venezuela

[Judi Lynn]

From The Associated Press, September 13, 2010 - 03:04 AM
Swiss cement maker Holcim says it will receive $650 million compensation from Venezuela

GENEVA (AP) - Swiss cement maker Holcim says it will receive $650 million compensation from Venezuela for the nationalization of its subsidiary in the Latin American country.

Holcim Group says the agreement signed with Venezuela includes the suspension of an arbitration case before an international tribunal.

The company said in a statement Monday that it has received a first payment of $260 million and expects to receive the remaining $390 million in four equal yearly installments.

Venezuela last year nationalized the local subsidiaries of French cement maker Lafarge SA, Mexico's Cemex SAB and Holcim.

http://www.canadianbusiness.com/markets/market_news/article.jsp?content=D9I6SQ500

[Billy Burnett]

1. I thought that Hugito stole it.

I think I read that in this forum. ;)


Thanks for the update.

[naaman fletcher]

2. who knows?

What was it worth? Lets say it was worth 800 million, the might take this as a bird in the hand worth two in the bush. Also, of course, there is the risk that they won't be paid on the next installments. We shall see.

[Billy Burnett]

3. Like, they don't have that risk insured. Right.

Gawd only knows have many times this has been traunched (re-re-re-re-re-re-re-insured).

Creating the illusion of risk (risk like: Chavez won't pay, the US is going to invade, diktater fer life buying Russian arms, plan Haiti is a stepping stone to plan Venezuela, Venezuelans hate Chavez/ Venezuelans love Chavez) just makes the wrecking crew speculators tons of money.

Creating lucrative "risk". That is current US policy.

[bherrera]

4. Insurance was an option

Maybe they insured against nationalization, maybe not. I doubt the new corporation is working as efficiently as it did before...state enterprises are prone to nepotism and inefficiency.

[Name removed]

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