ESPACIO PUBLICITARIO
CARACAS, Saturday December 03, 2011 | Update
 
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Summit in Caracas

Calderón-Chávez pact halts nationalization of Monaca

The company and the Venezuelan government will establish a partnership in a company "dedicated to the production and marketing of precooked corn flour, and packaged rice," and in another company intended for "production and marketing of wheat flour, pasta, oatmeal, among others," said the Mexican government in a statement

The presidents during their bilateral meeting in Caracas (Photo: Reuters)
  EL UNIVERSAL
Saturday December 03, 2011  08:05 PM


The government of Venezuela agreed to enter into a partnership with Mexican company Gruma, the world's largest maker of corn flour, to create two companies. This move puts an end to Venezuela's plans to nationalize a Gruma subsidiary, said Mexico President's Office in a communiqué.

The announcement came as part of a meeting between President of Mexico Felipe Calderón and President of Venezuela Hugo Chávez, on Friday, disclosed Mexico President's Office in a statement.

The company and the Venezuelan government will establish a partnership in a company "dedicated to the production and marketing of precooked corn flour, and packaged rice," and in another company intended for "production and marketing of wheat flour, pasta, oatmeal, among others," said the Mexican government in a press release.

The sources did not elaborate on the shareholding in the new companies.

The creation of the two companies will serve to "supply food to the Venezuelan market and will directly benefit consumers in the Andean country," read the communiqué.

Calderón noted during his meeting with Chávez that "these actions by the Venezuelan government will contribute to greater legal certainty, which will encourage Mexican companies to have a renewed interest in doing business with Venezuela."

Venezuela evaluated from July 2010 Gruma's proposal to create a joint venture to avoid the expropriation of its subsidiary Monaca in Venezuela.

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The end of a cycle

Hundreds of thousands of demonstrators took to the streets of Brazil on March 13 to demand the ouster of embattled President Dilma Rousseff, carrying banners expressing anger at bribery scandals and economic woes. A banner read "We don't want a new Venezuela in Brazil."

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