Chavez has nationalized cement companies as part of a plan to ensure state control of strategic industries including steel, oil and telecommunications. Holcim has started arbitration proceedings with the World Bank’s Center for Settlement of Investment Disputes and wants to recover the fair market value of all assets at the time of the nationalization, Gysel said without being more specific.

State oil company Petróleos de Venezuela S.A., acting on behalf of the Venezuelan government, signed a memorandum of understanding with Holcim in August, agreeing to negotiate the transfer of 85 percent of the Venezuelan unit to PDVSA. The government ceased communications in October without reaching an agreement or providing any compensation for the assets, the Swiss company said.

Source: Bloomberg