the american cereal
giant kellogg's says
its pulling out of venezuela
because of the deteriorating
economic situation.
president nicolas maduro called
the closure illegal and said
he was handing the company
to workers so they could
continue production.
0ur south america business reporter
daniel gallas joins me now.
daniel, tell us more.
well, it's been happening to a
number of companies in venezuela.
production in venezuela is too
expensive because of that currency
is controlled by the government.
because they can't really import
things very cheaply and can't sell
it very expensive to the consumers,
can't pass on the prizes. so they
have to leave it. what happens is a
makes a particularly more dramatic,
this is a food company in venezuela
and are actually running out of food
right now. also, it's happening just
a few days before general elections,