Argentinean-Italian conglomerate Techint is pondering the possibility of filing an action against Venezuela, after President Hugo Chávez Wednesday suspended the talks on the terms under which the holding is to sell to the Venezuelan state a majority stake in the country's largest steelmaker Sidor, said sources of the group quoted by Buenos Aires newspapers. Techint officials said they were likely to bring an action before the International Centre for Settlement of Investment Disputes (Icsid), the arbitration tribunal of the World Bank, after Techint was 'surprised' by the 'arbitrary and unilateral' decision taken by Chávez, EFE reported.
The Venezuelan president on Wednesday suspended negotiations with Techint and said he would pay 'the real value.' 'We will pay them at the pace that we can,' Chávez claimed.
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