Holcim Ltd. said Monday that it has received a final payment of roughly $100 million from Venezuela, completing compensation tied to the nationalization of its cement operations in the South American country.
Jona, Switzerland-based Holcim said the Corporación Socialista Del Cemento, SA had made a $97.5 million payment to compensate the Swiss cement company fornationalization of its plants in Venezuela. The payment, part of $650 million in overall compensation, was originally due on Sept. 10.
Holcim had pursued the matter with the International Centre for the Settlement of Investment Disputes, a unit of the World Bank in Washington, before an agreement was reached.
The payment comes as Holcim works to complete a $50 billion union with French rival Lafarge SA, a deal that would reshape the global building-materials market.
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