Mexico, 3 Dec (EFE).-the Government of Venezuela agreed to associate itself with the Mexican company Gruma, the world’s largest manufacturer of corn flour, to create two companies, which puts an end to the intentions of Venezuelan nationalize to a subsidiary of that company, it was reported today the Mexico Presidency.
The announcement was made in the framework of a meeting held on Friday the Presidents of Mexico, Felipe Calderón, and Venezuela, Hugo Chavez, said the unit in a statement.
The company and the Venezuelan Government be associated for the formation of a company “dedicated to the production and marketing of pre-toasted corn flour and packaged rice”, and other “production and marketing of wheat flour, pasta, oats, among others,” he stressed the Executive Mexican.
The institution not specified how divided the Venezuelan Government and Gruma the shareholding control of the new companies.
The creation of the two companies will serve to “the supply of food in the Venezuelan market and will directly benefit consumers in the Andean country”, held the Presidency.
The Mexican President said during his meeting with Chavez that these actions by the Venezuelan Government “will contribute to greater legal certainty which will favour to Mexican companies to renew their interest in doing business with Venezuela”.
Venezuela evaluated from July 2010 the proposal of Gruma create a joint venture to avoid the expropriation of the operations of its subsidiary Monaca in territory Venezuelan.
The Venezuelan authorities had been ordered in May of last year the nationalization of Monaca, a producer of wheat flour, corn flour, pasta rice, oil, and oats, among other foodstuffs considered basic.
This company has in Venezuela with six plants, and was controlled by Gruma with 72,86% of the shares, while 24,14% belonged to the Venezuelan banker Ricardo Fernández.
Chavez argued at the time that the expropriation of Monaca was necessary to combat the “shortage” and “lower” food costs Basic.
The announcement comes after the past 1 December another Mexican cement company Cemex, company reached an agreement with the Venezuelan Government so that the authorities of that country will pay $ 360 million by 75.7% of its subsidiary in Venezuela, after a controversial process of nationalization.
In addition, the Convention provides for the cancellation of $ 154 million in accounts payable of subsidiaries of the company to Cemex Venezuela.
“Calderón recognized President Chávez for its management to achieve a definitive solution to the problems that were facing Cemex and Gruma in Venezuela”, concludes the note. EFE
