They consider to realise payments to cementeras in bonds and cash

In April of 2008, the Government announced the nationalization of the cementeras companies, and in August of the same year the contracts for the transferences of the actions were signed. But now the companies will have to hope four months to receive the payments more.

In the Executive the scheme of cancellation of the actions to the branchs of Lafarge and Holcim is being defined. The office of Economy and Finances along with Pdvsa sharpen the scheme and until the moments the possibility is handled in cash of taking care of a part and another one in bonds.

In the evaluations that have been realised it has anticipated that enters July and August the payments are realised, whose scheme would be 50% in cash and 50% in papers. However, the proportion could have a variation in the course of the conversations.

Official sources indicate that cancellation would be materialized in that term, because a revision of the prices of the actions is taking place since the authorities want to discount the environmental liabilities of the costs agreed to in August of 2008.

When they were signed the agreements announced that the State would distribute by the two companies 819 million dollars. Of that amount, 552 million dollars would correspond to the payment by the participation of Holcim and 267 million dollars by the actions of Lafarge. Those prices now would be subject to revision.

In the agreements it was contemplated that Holcim will maintain a participation of 15% and Lafarge of 11%. Once the payment is realised, the companies would happen to form of the Cement Corporation, that the Government is designing.

More extensive As far as Cemex, official sources aim that the process will be longer because must realise the estimate of the company and in addition the company decided to go to the arbitration.

The branch of the Mexican group when not reaching agreements with the Executive was expropriation object and national Head of State left into the hands of Pdvsa that procedure.

After some differences, the cementera and the Government resumed the conversations with the purpose of to define the price of the actions, but before the retardation the company in decided to go to the arbitration, although the court to review the case has not settled.

The authorities have not named either to the equipment that will be in charge to carry out the estimate of the company.

The Mexican group was asking for by the actions 1.3 millardos of dollars, but for the Government the maximum amount to pay had to be 650 million dollars by the environmental liabilities