Chavez gobbles New York stake

2 Apr 2008

Venezuela’s government reached an agreement on 31 March to acquire an additional 4% in the country’s incumbent fixed line operator CANTV from US shareholders’ consortium Renaissance Technologies, the telco disclosed to the Caracas stock exchange, reported by BNamericas. The transaction takes the state’s ownership of CANTV to above 90%; price information was not included. Renaissance represented 25.3 million shares in the form of American Depositary Shares (ADS) which were circulating on the New York stock exchange when CANTV was re-nationalised by the socialist government of President Hugo Chavez in May 2007.

Venezuela, CANTV