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Carlos Slim owns 2.4 percent of Venezuela Cantv

Mexican billionaire Carlos Slim last week gave the first formal steps to take control of Venezuela's largest telecom firm Cantv.

Telmex and América Móvil, the two corporations owned by Slim that are to purchase the Venezuelan company, asked the Venezuelan Stocks Exchange Commission (CNV) to authorize their bid to purchase all of Cantv shares.

In a first transaction, Telmex and América Móvil plan to purchase a 28.5 percent stake in Cantv from US corporation Verizon for USD 3.01 per share. Subsequently, they are to make a bid for the remaining shares at the same price.

Slim already owns 2.4 percent of Cantv shares through Inmobiliaria, a firm where he has a majority stake and which holds 2.7 million ADSs of the Venezuelan telecom company.

ADSs are traded in the United States, and each one is equivalent to seven Cantv shares.

Considering Slim deal with Verizon, the third richest man in the world virtually controls 30.9 percent of Cantv, which is a great advantage for his bid.

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IISS: The FARC financed Chávez before 1999

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