EL UNIVERSAL
CARACAS, Tuesday April 03, 2007 | Update
National Securities Commission prompts takeover bid for Cantv, EDC
The National Securities Commission (CNV) authorized Monday
the offers to be made by the Government of President Hugo
Chávez to complete the nationalization of No. 1 power
supplier La Electricidad de Caracas (EDC) and major telecommunications
company Cantv, CNV reported Tuesday.
Following this decision, the body lifted the deferral on
both securities, but the offers' brochures had not been released,
Reuters quoted.
The Government will make an offer to the smaller shareholders
of Cantv and EDC on the same conditions agreed with majority
shareholders, said the stock-exchange agency.
The Executive acquired from US Verizon its 28.5-percent stake
in Cantv for USD 572 million, and paid AES Corp USD 739 million
for its stake in EDC, amounting to 82.14 percent.
On the Cover
Venezuelan government gives aid to farmers hit by rains
02:57 PM. HEAVY RAINS. Venezuelan Executive Vice-President Elias Jaua reported that the government is designing plans to support farmers, cattlemen and peasants of the state of Mérida who have been hit by heavy rains that have caused crop losses.
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