Ternium receives payment for nationalization of Sidor
Thursday, 04 March 2010 01:43:15 (GMT+3)
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Ternium Wednesday announced it had received $300.2 million from the Venezuelan government for the nationalization of Sidor, its former affiliate. Sidor remains among companies essential to the Venezuelan economy, many of which were acquired as part of a mass purchase plan first initiated by the government in 2007. Payments from Corporación Venezolana de Guayana (CVG) consisted of US$158.2 million due under the first installment, and US$142.0 million mandatory prepayment due under the second installment. The full compensation agreement agreed to by the Venezuelan government was $2 billion in total.
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