Venezuela starts paying Ternium for Sidor takeover
Friday, 25 Sep 2009
Venezuela said that it has started paying Argentine controlled Ternium for the nationalization of steelmaker Sidor, but has not paid cement makers Holcim and Lafarge for last year's takeovers.
Mr Ali Rodriguez Venezuelan finance minister that an agreement had been reached with Ternium to compensate it for the government take over of Venezuela's largest steel plant, but said he had not yet been ordered to pay Switzerland's Holcim and France's Lafarge.
Meanwhile, Holcim launched international arbitration to seek full compensation for the assets seized by Venezuela's government in 2008 during a nationalization drive.
