Monterrey, Mexico-based cement giant Cemex S.A.B de C.V. will get $600 million in restitution from Venezuela, about half of the $1.2 billion it had sought, after President Hugo Chávez nationalized its assets in 2008.
Under the Dec. 1 deal, the firm will get $240 million in cash and $360 million in various negotiable securities issued by state-owned oil giant, Petroleos de Venezuela, S.A. Cemex's Venezuelan operation consisted of 4.7 million tonnes of cement capacity, including 10 land-based and seven marine terminals, 33 ready-mix concrete plants and seven aggregate quarries.