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Message: Venezuela Supreme Court OKs Government's Cement Co Seizure
Venezuela Supreme Court OKs Government's Cement Co Seizure
15:19 EDT Tuesday, June 17, 2008
CARACAS -(Dow Jones)- Venezuela's Supreme Court has green-lighted the government's nationalization of the cement industry, according to a government press release.
According to a statement from the Information Ministry, the court considered the government's seizure of the dominant companies in the cement industry to be constitutional.
The ruling was widely expected, as the constitution allows for the seizure of companies the government considers strategic for the nation's interests.
Some of the companies that will be nationalized include the local units of Cemex SAB (CX), Holcim Ltd. (HOLN.VX) and Lafarge SA (LFRGY).
-By Darcy Crowe, Dow Jones Newswires; 58 414 249 6821; darcy.crowe@ dowjones.com
(END) Dow Jones Newswires 06-17-08 1519ET Copyright (c) 2008 Dow Jones & Company, Inc.
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