Venezuela mops up remaining US-held CANTV shares

19 Mar 2009

The Venezuelan government has commenced its previously announced concurrent tender offers to acquire the outstanding ‘Class D’ shares and American Depositary Shares (ADSs) of state-run national telco Compania Anonima Nacional Telefonos de Venezuela (CANTV). The state is offering USD1.61 per Class D share on the Caracas Stock Exchange, whilst in New York, USD11.27 is being offered per ADS (each representing seven Class D shares). The offers are scheduled to expire at 12:30 pm, New York time (12:00 pm, Caracas time), on 20 April 2009. TeleGeography’s GlobalComms database notes that CANTV was re-nationalised in May 2007; the company is 90.2% state-owned, with the remainder distributed mainly amongst employees and retirement benefit funds.

Venezuela, CANTV