‘How much did you get for your CANTV shares?’ ‘Ssssh it’s a secret’

8 Feb 2007

The government is calculating the amount of compensation it will offer to shareholders of fixed line incumbent CANTV as it finalises plans to re-nationalise the operator, telecoms regulator Conatel said in a statement. However, Conatel added that it would not disclose the final amount ‘to avoid producing fluctuations on the stock market.’ Elsewhere, the government announced that it has not decided on a new board of directors for CANTV, but dismissed local press reports that Telecommunications Minister and Director General of Conatel Jesse Chacón might head the company. CANTV is currently owned by Verizon Communications (28.5%), Telefónica Venezuela Holding (6.9%), the government (6.6%), employees and benefit funds (6.4%), with the remaining 51.6% held publicly. The company’s shares are listed on the Caracas and New York stock exchanges.

Venezuela, CANTV