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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Venezuela's Chavez seizes Cargill unit Wed Mar 4, 2009 11:10pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Patricia Rondon CARACAS (Reuters) - President Hugo Chavez seized a unit of American food giant Cargill on Wednesday and threatened to take over Venezuela's largest private company, renewing a nationalization drive as the OPEC nation's oil income plunges. Chavez's clash with the food companies, demanding they produce cheaper rice, came less than three weeks after he won a referendum on allowing him to run for reelection and marked his first nationalization in seven months. "I warn you this revolution means business," said Chavez, whose government has struggled with lower oil income and minor food shortages this year. The anti-U.S. president, who has nationalized swaths of the economy, is popular among the poor for pressuring companies to produce cheap goods and for government programs that provide subsidized food in city slums. The moves to tighten the government's grip over the food supply were criticized by the private sector and many economists who say the state distorts the supply chain and contributes to food shortages. Chavez, an ally of communist Cuba, recently seized some rice mills belonging to Polar, Venezuela's largest private business, after accusing the food industry of skirting his price controls and failing to produce enough cheap rice. U.S. company Cargill, which operates one rice mill in Venezuela, said earlier in the week it was expecting a visit from officials even though it does not produce the type of rice that is at the center of the dispute. Cargill said on Wednesday night it was "respectful" of the Venezuela decision but seeks talks to resolve the situation. "Cargill is committed to the production of food in Venezuela that complies with all laws and regulations," Cargill spokesman Mark Klein in Minneapolis, Minnesota, told Reuters. "Cargill expects the opportunity to clarify the situation with the government and is respectful of the Venezuelan government decision," Klein said. "The rice mill was designed exclusively to manufacture parboiled rice, which the company has done at this site for the last 7 years and elsewhere in the country for 13 years." Chavez said he ordered the takeover because Cargill -- one of the largest privately owned U.S. companies -- avoids producing basic rice that is subject to government price controls. "Prepare the decree, we are going to expropriate Cargill. We are not going to tolerate this," Chavez said. It was not clear if Cargill's other Venezuelan food units would be affected. Cargill has approximately 2,000 employees at 22 locations across Venezuela and operates 13 manufacturing plants including oilseed and animal feed processing. Polar, one of Venezuela's best-known companies that produces many its most popular food and drink brands -- including its top-selling beer -- has vowed to take legal action over the rice mill takeovers. NATIONALIZATION Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! 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