FACTBOX: Venezuela's nationalizations under Hugo Chavez

Wed Apr 9, 2008 11:13am EDT
 
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(Reuters) - Venezuela said on Wednesday it would nationalize the OPEC country's largest steelmaker Ternium Sidor, extending President Hugo Chavez's wave of state takeovers meant to create a socialist state.

The self-styled revolutionary last week also launched a cement industry takeover that will affect the world's top three producers following last year's broad nationalization campaign to boost government control over the economy.

The following are the main nationalizations that have been carried out by the Chavez government:

STEEL

The Ternium Sidor takeover will affect majority stakeholder Argentine steelmaker Ternium, which is a subsidiary of Argentina-controlled conglomerate Techint.

CEMENT

After a shock nationalization announcement by Chavez last week, the government has begun negotiations with the world's top three cement producers to take at least a 60 percent stake in their Venezuelan units.

The targeted companies, Mexico's Cemex, Switzerland's Holcim and France's Lafarge, dominate the Venezuelan industry.

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