Holcim agrees to $650m Venezuela compensation
Swiss cement maker Holcim says it will receive $650 million (SFr660 million) compensation from Venezuela for the nationalisation of its subsidiary there.
The St Gallen-based firm says the agreement signed with the Latin American country includes the suspension of an arbitration case before an international tribunal.
The company said in a statement on Monday that it had received a first payment of $260 million and expects to receive the remaining $390 million in four equal yearly instalments.
Venezuela last year nationalised the local subsidiaries of French cement maker Lafarge, Mexico’s Cemex and Holcim.
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