| | |  News Around the Republic of Mexico | August 2008 
Mexico Urges More Talks on Venezuela Cemex Seizure
 Robin Emmott - Reuters
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| | A group of Cemex company workers change their white security helmets for red ones to show the transfer of Cemex to the government August 19, 2008. Venezuela on Monday took over plants owned by Cemex, the world's No. 3 cement maker, as part of Chavez's bid to run key industries in the South American oil-producing nation. (Reuters/Susana Gonzalez) | | |
Monterrey, Mexico, Aug 19 (Reuters) - Mexico urged Venezuela on Tuesday to keep negotiating with Mexican cement maker Cemex after President Hugo Chavez seized its local assets and rejected its call for $1.3 billion in compensation.
"The Mexican government has formally informed Venezuela of its support for the company's request to continue negotiations," Mexico's foreign ministry said in a statement.
Cemex (CMXCPO.MX) was not immediately available for comment.
On Monday, Venezuela took over plants owned by Cemex (CX.N), the world's No. 3 cement maker, as part of Chavez's bid to run key industries in the South American oil-producing nation.
Cemex, unlike European rivals Holcim (HOLN.VX) and Lafarge (LAFP.PA), did not strike an agreement to sell to the Chavez government and now faces a growing possibility of losing all, or most, of its investment after 14 years spent in Venezuela.
(Editing by Gunna Dickson) |
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