BNamericas reported that Venezuelan state steelmaker Sidor's class B shareholders, who own 20% of the company, are calling for talks to discuss the sale of their shares to the government.

Mr Pedro Rondón labor director at Sidor told BNamericas that there has been a positive sign from President Mr Hugo Chavez to authorize talks to discuss Sidor's collective agreement. Class B shareholders, who are company workers and former employees, are now seeking to negotiate the sale of their shares.

He added that "We want a roundtable in order to reach an agreement with the government on the sale and transfer of the shares to the government or state heavy industry holding company."

On September 10th 2012, Sidor will hold a board meeting and the topic of the sale is expected to be included on the agenda.

According to Mr Rondón, since June 2010, the 15,242 workers and former employees who own class B shares have been expressing their interest in selling their stock because they want a company that makes a profit, not the kind of socialist company that the government wants.

He said that "That payment must be made under the same terms and conditions that the Venezuelan government paid Luxembourg based steel group Ternium, estimated at about USD 104 per share."

CVG agreed to pay Ternium a USD 1.97 billion indemnity after Mr Chavez expropriated Sidor in 2008.

Although the matter is being reviewed by CVG, no agreement has been reached so far.

Source - Business News Americas

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