Ternium SA wants to retain a share in Venezuela's largest steelmaker _ even as a minority partner in the company that President Hugo Chavez nationalized last week, a newspaper reported Sunday.
«We understand the decision in the political context of Venezuela,» Ternium president Daniel Novegil said of Chavez's takeover of Siderurgica del Orinoco, known as Sidor. The Luxembourg-based steelmaker Ternium had owned 60 percent of the company. «We're willing to reach an agreement, as long as the terms are fair, and we'll keep working so Sidor can continue to be successful under state control,» Novegil told Argentina's Clarin newspaper in remarks published Sunday. Chavez ordered Sidor nationalized weeks ago. But he moved to expropriate the company outright on April 30 as talks to fix a price for Ternium's 60 percent stake in the steel company stalled. Chavez said Ternium had sought $4 billion (¤2.6 billion) for its share, while government officials valued Sidor at about $800 million (¤517.5 million).
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