Venezuela's Chavez nationalizes cement companies in decree

Venezuelan President Hugo Chavez's nationalization of three foreign-owned cement businesses took effect on Thursday. The nationalization of the companies belonging to Mexico's Cemex SAB, France's Lafarge SA and Switzerland's Holcim Ltd, announced in April, was published in the Official Gazette, the state-run Bolivarian News Agency reported. The government is to have shares of at least 60 percent in Cemex Venezuela, Holcim Venezuela CA and Lafarge's Fabrica Nacional de Cementos, but officials have said that the current owners will be allowed to keep minority shares. The companies are in talks with the government on terms of the nationalization. When he announced the nationalization, Chavez said the government could not permit businesses to keep exporting raw materials while Venezuela needs cement to help confront a housing shortage.