Venezuelan Vice-President Ramón Carrizales on Monday advised that hours before expiring a deadline set by law for nationalization of cement companies, agreements were reached with Swiss group Holcim and French Lafarge, but the government failed to reach an accord with Cemex, thus it could expropriate the Mexican firm.

He explained that in the case of Lafarge, the government will purchase 89 percent of shares of its Venezuelan operations for USD 267 million. Regarding Holcim, Venezuela is to acquire an 85 percent stake for USD 552 million. Both firms will continue operating in Venezuela as minority partners.

The deadlock in negotiations with Cemex, according to Carrizales, lies in the price; Cemex is asking USD 1,3 million for its operations in Venezuela, while the government is ready to pay USD 819 million.