Cemex's $600mn Venezuelan compensation
First publishedon www.AggBusiness.com
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.
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.