Ternium SA to turn over majority stake in steel maker Sidor to Venezuela for $1.97 billion

Venezuela to pay Ternium $1.97 billion for Sidor

CARACAS, Venezuela — Ternium SA has agreed to sell its 59.7 percent share in steel maker Sidor to Venezuela for $1.97 billion.

The subsidiary of the Argentine-Italian conglomerate Techint has been locked in negotiations over a payment plan with Venezuelan authorities since last year.

President Hugo Chavez announced in May that his government would take control of Sidor amid a wave of nationalizations.