Government looks at plan to sell off 40% of CANTV

9 May 2007

The Venezuelan government is reportedly considering selling up to 40% of CANTV once it gains full control of the incumbent telco via its share offer launched on 9 April. BNamericas quotes Caracas stock exchange president Víctor Flores as saying ‘There is a plan in which the state, once it acquires the totality of the shares, would decide to keep only part of them and sell 30% or 40%.’ The results of the tender offer, scheduled to be completed yesterday, will be made public on 15 May, and on 21 May the company is expected to elect a new board during an extraordinary shareholders meeting. The new board is expected to take operational control of CANTV on 4 June.

Venezuela, CANTV