Hugo a-go-go: Chávez says he will seek to re-nationalise CANTV

9 Jan 2007

Venezuela’s President Hugo Chávez said yesterday that he will seek to re-nationalise incumbent telco CANTV as well as at least one other utility company that was sold in the 1990s. During a televised ceremony to swear in cabinet members, Chávez declared: ‘All those sectors are important and strategic for us, such as electric energy. All that was privatised, let it be nationalised!’ The news casts further gloom over the plans of Mexican sister companies Telmex and América Móvil to jointly acquire a 28.5% stake in CANTV from US-based Verizon. América Móvil said last week it had extended the deadline to acquire the shares to 28 February. CANTV was privatised in several tranches between 1991 and 1996, but the government still holds about 20% of the company’s capital in golden shares.

Venezuela, CANTV