Venezuela govt aims for 'win-win' in takeover fight

CARACAS, April 29 (Reuters) - Venezuelan President Hugo Chavez said the government was hammering out a takeover deal with Argentine steelmaker Ternium on Tuesday, just days after threatening to expropriate the company's local property.

Chavez said his vice president and other top officials met with a delegation from Ternium (TX.N: Quote, Profile, Research) to discuss the price Venezuela would pay for the company's Sidor steel plant, which the government is nationalizing.

"We are looking for agreement, a win-win consensus," Chavez said during a televised Cabinet meeting.

Chavez has nationalized large swathes of the economy in the South American oil nation and has typically paid a fair price for property taken over by the government.

But over the weekend he said Ternium was "crazy" for claiming its holdings in the Sidor plant are worth $4 billion. He threatened to expropriate the property if the two sides did not quickly strike a deal.

The government has offered $800 million, minus outstanding debts that are expected to exceed $200 million.

Sidor is a sprawling steel complex on the banks of the Orinco River that employs close to 15,000 workers. Last year the plant made 4.3 million tonnes of liquid steel despite a fierce labor dispute that prompted the takeover.

The union welcomed the nationalization but is now threatening the government with a strike if it does not quickly sign a new labor contract and agree to a wage rise.

Chavez is also nationalizing Venezuela's cement industry and is in talks with Mexico's Cemex (CX.N: Quote, Profile, Research), France's Lafarge (LAFP.PA: Quote, Profile, Research) and Switzerland's Holcim (HOLN.VX: Quote, Profile, Research) over compensation. (Reporting by Frank Jack Daniel and Deisy Buitrago; editing by John Wallace)