Holcim reach agreement on Venezuelan compensation

HOLCIM have signed a settlement with the Bolivarian Republic of Venezuela agreeing the terms for Venezuela’s compensation payment for the June 2008 nationalization of Holcim Venezuela CA.

The settlement also agrees terms covering the suspension of the international arbitration procedure currently pending before the International Centre for Settlement of Investment Disputes (ICSID) in connection with the nationalization.

The agreed total compensation amount is US$650 million, of which a first down-payment of US$260 million has already been received. The remaining US$390 million will be paid in four equal yearly installments.