Tuesday, August 19, 2008

Venezuela seizes control of cement companies

Chavez earlier called the nationalization of cement companies one of many "steps toward socialism," following the nationalization of telecommunications and electricity companies, the country's largest steel maker and major oil projects.


Lafarge SA of France and Switzerland's Holcim Ltd., agreed to nationalization terms for their companies in Venezuela earlier Monday. Those two companies also agreed to stay on as minority partners.

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