Chavez Won't Pay Market Value for CANTV

President Hugo Chavez says his government will not pay the market value for Venezuela's largest telecommunications company when it nationalizes CA Nacional Telefonos de Venezuela.

Earlier this month, Chavez announced his plan to take control of the telecommunications company _ partially owned by U.S.-based Verizon Communications Inc.

Speaking during his weekly radio and TV broadcast, Chavez said Sunday the price for the company locally known as CANTV would take into account debts to workers, pensions and other obligations, including a "technological debt" to the state.

"I'll pay when the law dictates and in the form the government decides. I'm going to tell them that CANTV was given away, and that they shouldn't come here saying it must be paid for at the international price," he said.

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