The biggest shareholder in Ternium-Sidor is Argentine engineering group Techint, with 60 percent. Chavez wants the State, which already has 20 percent, to have a minimum 60 percent.
With employees and retirees holding 20 percent, that implies Techint handing over 40 percent. At issue is how much it gets in compensation. Ternium-Sidor's book value was $2.758 billion at the end of 2007, but Techint's initial demand was $4 billion in market value. Chavez opened with a meager $800 million, vowing he wouldn't pay more although Techint could stay on in a minority.
However, both sides are said to have budged, with Techint coming down to $2.4 billion. The government went to $1.6 billion -- but for 50 percent, leaving Techint with just 10 percent.
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