Government Takes Control Of Gruma Subsidiary

Mexican food producer Gruma has announced that the Venezuelan government of Hugo Chávez has taken temporary control of one of its two Venezuelan subsidiaries. Gruma has revealed that grain and cookie producer Monaca will be run by state authorities for 90 days because a minority stakeholder is linked to a local banking scandal. Although Gruma has suggested the move is only temporary, other supposedly temporary seizures in the Venezuelan food and drink industry have usually resulted in the government eventually assuming full

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