....to his forceful manners !!!!

ZURICH (Dow Jones)--Swiss cement maker Holcim Ltd. (HOLN.VX) Friday said that the proposed compensation offer for the nationalization of its unit in Venezuela wasn't acceptable.

As part of the process to nationalize the cement industry, the Venezuelan government said on Thursday that it has taken formal possession of the local units of Holcim and France's Lafarge SA (LFRGY), after approving a payment to the companies of $378 million in total.

"In connection to the nationalization of Holcim Venezuela, Holcim has to date not received a compensation offer from the Republic of Venezuela that is acceptable from a legal or financial standpoint," the company said.

Holcim said it will therefore continue with the arbitration proceedings as filed with the International Centre for the Settlement of Investment Disputes in Washington D.C. in March 2009.

"In the arbitration proceedings, Holcim seeks full compensation for the expropriation of its former group company, Holcim Venezuela, by the Venezuelan government," Holcim said.

-By Goran Mijuk, Dow Jones Newswires, +41 43 443 80 47; goran.mijuk@dowjones.com