Cemex's $600mn Venezuelan compensation

Cemex has received payment of US$600 million (€462.6 million) from the Government of the Bolivarian Republic of Venezuela and its public entity Corporación Socialista del Cemento as compensation for the nationalisation of Cemex Venezuela.
March 8, 2012

643 Cemex has received payment of US$600 million (€462.6 million) from the Government of the Bolivarian Republic of Venezuela and its public entity 3745 Corporación Socialista del Cemento as compensation for the nationalisation of Cemex Venezuela.

In addition, US$154 million (€119 million) of accounts payable by Cemex subsidiaries to Cemex Venezuela have been cancelled.

Compensation was paid US$240 million (€185 million) in cash and in various negotiable securities issued by Petróleos de Venezuela that during their full term pay an aggregate total of US$360 million (€277.5 million).

Cemex intends to use the funds received from this compensation for the repayment of indebtedness and general corporate purposes.

For more information on companies in this article
Cemex
Corporación Socialista del Cemento
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