President Chavez signs a decree ordering the nationalization of the cement industry

Venezuelan President Hugo Chavez signed a decree ordering the nationalization of the cement industry, the latest step in the government's announced plans to take control of the country's dominant cement producers. The decree, which was published in the latest issue of the Official Gazette, essentially gives the green light on the seizure of Venezuela's largest cement producers, which include Mexican giant Cemex (CX), France's Lafarge SA (LFRGY) and Switzerland-based Holcim Ltd. The law, which was signed by Chavez, establishes that the state will take at least a 60% stake in these companies, allowing for the possibility they could stay on as minority partners. According to previous statements from government officials, the cement companies are considering that option. The government set a 60-day deadline starting June 18 to negotiate the companies' compensation and the possibility they can stay on as minority partners. If an agreement isn't reached in that period, the government will expropriate the cement producers, according to the decree.