In April 2008, the President of Venezuela, Hugo Chávez, announced the nationalization of "the whole cement industry" in that country, in response to the belief that the industry was exporting its products in order to receive prices above those it was allowed within the country. In mid-2008 the Venezuelan government took over the Venezuelan operations of CEMEX, the largest Venezuelan producer with around a 50% market share; a deal on compensation was still to be reached in March 2009, despite agreements being reached in mid-2008 with the other two major cement producers. In December 2011, an agreement was reached, with Cemex receiving $600m in compensation, and benefiting from the cancellation of $154m in debt.