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Venezuela seeks full control of its largest phone company

Venezuela will take full control of its largest phone company, Cantv, by June 4, and delist it from the New York Stock Exchange, the country's top telecommunications official said.

The government has offered to purchase outstanding shares in Nacional Teléfonos de Venezuela until May 8, hoping to obtain at least a 70 percent stake in the company, Telecommunications Minister Jesse Chacón told a news conference Tuesday.

It will have full, operational control of the company - following payments and share transfers - by June 4, when it will install a new management, including a new president, Chacón said.

During the process, the government also plans to buy up all of Cantv's remaining American Depository Receipts - certificates issued by U.S. banks that represent shares in companies abroad.

"The intention is to delist Cantv from the New York Stock Exchange," he said.

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