Venezuela:
Privatization of Temporarily suspended
Corporación Aluminios de Venezuela, S.A.
September 3, 1998
On September 3, the FIV and CVG reported that the public ceremony for tendering bids corresponding to the sale of 70% of the shares of the Corporación Aluminios de Venezuela, S.A. would not take place. The suspension of the ceremony scheduled for September 7 was the result of a decision by the pre-classified consortium to withdraw from the process. The consortium included the companies Billington from England, Kaiser from the US and Sural from Venezuela. The base prices for the total value of the company is 1.55 billion dollars (US$ 1,550,000,000).
The Venezuelan government ensures that the cancellation does not mean that the privatization of the aluminum complex will be abandoned; consequently, the FIV and CVG continue to evaluate options and alternatives for the privatization of the sector. The President of FIV, Luis Alvaray, maintains that the future of the sector depends fundamentally on the participation of the private sector.
