Posted on 13/05/08
Chavez sets June deadline for Sidor takeover
Argentina's Ternium SA must completely hand over Siderurgica del Orinoco (Sidor) to Venezuela by June 30, Venezuelan President Hugo Chavez said yesterday as he nationalizes Venezuela's largest steel maker. Mr. Chavez signed a law nationalizing Sidor and appointed Rodolfo Sanz, Minister of Basic Industries and Mining, as the company's president. Venezuela and Ternium are still in talks to determine how much the state will pay for the company's 60-per-cent stake in Sidor and conditions under which Ternium could stay on as a minority partner. TX (NYSE) gained 9 cents (U.S.) to $37.64.
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