EL UNIVERSAL

Caracas, November 3 On Wednesday the Venezuelan and Mexican cement maker Cemex termination given to the process of nationalization of the company to pay the 75.7% of the shares, amounting to 600 million dollars.

For the Venezuelan government signed the agreement was the vice minister of Industry and Production Economic Area, Ricardo Menendez, while Cemex in charge was James Elisondo. The shares will be canceled by starting in the coming days with a payment of $ 240 million, and the rest over four years with payments of $ 90 million each year (360 million dollars), Menéndez.

The vice president said "has reached a favorable agreement between the two parties, to double the per capita consumption of cement in the country, representing an increase of 270 kg per person annually," the ministry said in a note in press.

For his part, said the agreement Elisondo has been good for both parties. "This time we have enhanced the relationship with Venezuela and encourages us to develop different initiatives and improve the area of ​​infrastructure, housing and roads."

Finally, Menendez noted that at the end of November has produced the equivalent of the entire production of 2010. "They managed to score in eleven months, which was achieved in twelve months," said the minister.

Despite this in the second and third quarter of private sector construction has reported declines in GDP of 8.4% and 12.2% respectively, due to the lack of basic inputs, among which the cement. Meanwhile public construction increased 1.9% and 17.6% in the last two quarters.


Anything chavez has nationalized has been a total failure. when it come to business they could not organize salt and pepper.