Telmex/AM to make offer for remaining shares in CANTV

12 Apr 2006

Mexican telco Telmex has asked the Venezuelan authorities for approval to make an offer for the remaining shares of CANTV that it does not already own. The country’s securities regulator CNV will look at the proposal and wait for a favourable ruling first from telecoms regulator Conatel and the anti-monopoly unit Procompetencia, before making a decision, the Caracas Stock Exchange said in a statement. Earlier this month, Telmex and its sister company America Movil (AM) agreed to buy Verizon Communications’ 28.5% stake in CANTV for USD676.6 million. Under Venezuelan law, any bidder vying for more than a 10% stake must make an offer to acquire the rest of the outstanding shares. Telmex/AM’s acquisition of the stake in Venezuela’s national telco still hinges on government approval.

Venezuela, CANTV, Telefonos de Mexico (Telmex)