No deal between Venezuela, Cemex on takeover

No deal between Venezuela, Cemex on takeover : President Hugo Chavez's government is poised to seize Cemex SAB's subsidiary after the Mexican cement-maker failed to reach a deal with Venezuela on terms for its nationalization, the vice president said Monday. Cement producers Lafarge SA of France and Switzerland's Holcim Ltd agreed to nationalization terms for their subsidiaries in Venezuela, and agreed to stay on as minority partners, Vice President Ramon Carrizalez told reporters. But Carrizalez said "it hasn't been possible to reach an agreement" with Cemex because it is asking for too much compensation. "The period expires tonight, and the next step with this business is expropriation," he said. He noted that midnight would mark the end of a 60-day period for negotiating compensation laid out in a June presidential decree.... [read full story]