Cemex complains about Venezuelan takeover

Vancouver News.Net
Thursday 4th December, 2008

Mexico's Cemex, the world's third largest cement producer, has asked for World Bank arbitration over Caracas's nationalisation of its Venezuelan operations.

Venezuela's President Hugo Chavez has defended the nationalisation, saying the scarcity and high cost of cement in his country is the result of Cemex exporting almost all its production.

The nationalisation of Cemex is only one of a raft of government takeovers which the president said were needed to strengthen the economy.

Steel, energy and telecommunications industries have already been brought under government control.

Cemex is the world's third biggest cement producer.

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