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Venezuela to offer CANTV stock buy-out

Venezuela will offer to buy out stock in CANTV next week, expecting to take a share of 60 to 70 percent in the country's biggest telephone company, Telecommunications Minister Jesse Chacon said on Wednesday.

He told the Reuters Latin American Investment Summit in Caracas that Venezuela expects it would move to delist CANTV's American Depository Shares after taking the majority interest.

The move would be part of President Hugo Chavez's wide-ranging nationalization program. The leftist leader is taking over swathes of the economy which he defines as strategic, such as oil projects and power utilities.

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