Chavez's Latest Takeover Won't be His Last
Venezuelan President Hugo Chavez's announcement late Monday that his government was taking over a subsidiary of a U.S.-based glass container manufacturer wasn't his government's first seizure, and he said it won't be his last.
After announcing the takeover of Owens-Illinois Inc.'s subsidiary in a televised speech, Chavez said more seizures are planned, according to The Associated Press.
"There's another list around here," Chavez said, adding that the takeovers would be announced later.
During the past two years, Chavez's government has already compiled a list of companies that have been nationalized. Here's a timeline of some of those takeovers:
- April 3, 2008: Chavez announced the takeover of all cement companies operating in Venezuela.
- April 8, 2008: The government told Argentina-controlled steel manufacturer Ternium Sidor it would nationalize the company, ending a long labor dispute.
- Feb. 28, 2009: Chavez ordered the army to take control of the country's rice processing plants.
- Jan. 19: Chavez's trade minister announced that the government had started to seize six French-Columbian owned retail stores, a month after Chavez created a state-run retail conglomerate.
- June 23: Chavez's oil minister announced that a fleet of oil rigs were being nationalized from U.S.-based Helmerich and Payne after idling for months because of a pay dispute with Venezuela's state oil company.