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Venezuela to buy Verizon's stake in CANTV

President Hugo Chavez continues nationalization efforts with $572 million acquisition of Verizon's 28.5 percent stake in telecommunications firm.

Venezuela will buy U.S.-based Verizon Communications' 28.5 percent stake in the country's No. 1 telecommunications company, CANTV, for $572 million as part of a nationalization drive.

The government of President Hugo Chavez, who accuses CANTV of tapping his conversations, said the price represented $17.85 per American Depositary Share - more than $100 million less than Mexican tycoon Carlos Slim offered Verizon last year.

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