The Venezuelan government issued a decree Thursday that requires cement plants to transfer a 60 percent stake to the state by Dec. 31.
Under the decree, echoing an order by President Hugo Chavez in April, the multinational firms Cemex of Mexico, Holcim of Switzerland and Fabrica Nacional de Cementos of Lafarge Group of France as well as their affiliates would become Venezuelan state companies.
The decree also said the country would possess not less than 60percent of the companies' social capital.
Chavez said in April the nationalization of the country's cement industry was aimed at helping tackle a national housing shortage.
The Venezuelan government needs to create "a large national cement company" to build houses for the poor, Chavez said in a meeting with Paraguayan President-elect Fernando Lugo, who made a three-day visit to Venezuela.
"Our people are the ones who will solve the problem, not the private companies," Chavez said.
Source:Xinhua
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