Owens-Illinois Wins $455 Million Award for Venezuela Takeover
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Owens-Illinois, Inc., a maker of glass containers, was awarded more than $455 million for the nationalization of two of its plants in Venezuela.
A three-member tribunal from the International Centre for Settlement of Investment Disputes awarded Owens, or O-I, more than $372 million plus interest at an annual rate of LIBOR plus 4 percent, the Perrysburg, Ohio-based company said in a statement Thursday. Interest since the Oct. 26, 2010 expropriation exceeds $84 million.