Holcim has reached agreement with Venezuela over compensation for the seizure of its assets in 2008, ending a two-year stand-off with Caracas.
The world’s second-biggest cement producer yesterday said that it would receive $650m for its former Venezuelan subsidiary, which was nationalised in 2008 – along with other construction companies’ assets – after complaints by President Hugo Chávez that not enough homes were being built.
The sides clashed over compensation, with Holcim turning down Venezuela’s initial offers as inadequate.
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