CANTV share buyout price confirmed

4 Apr 2007

Venezuela’s stock exchange commission yesterday gave prices for the government takeover of incumbent telco CANTV, and lifted a suspension of trade in its shares to allow the buyout. The commission said the American Depository Shares of CANTV would be bought at USD14.85 each – the same price offered to Verizon Communications for its 28.5% stake in the operator. The government has said it plans ultimately to take as much as 70% control of CANTV, which is listed on the Caracas and New York bourses, but its initial buyout aims to take 50% plus one share. A director of Econoinvest, the brokerage coordinating the operation, told a news conference the offer would be held between 9 April and 8 May but added that the offer would depend on formal approval by the US Securities and Exchange Commission.

Venezuela, CANTV