Sunday, January 7, 2007

Venezuela's Hugo Chavez Proposes Privatization of CANTV

Venezuela's President, Hugo Chavez, issued a call to nationalize CANTV, the incumbent telecom carrier in the country, along with the leading electrical utility company.

The New York Stock Exchange halted trading in CANTV's American Depositary Receipts, whose value has fallen 14% earlier in the day.

CANTV was privatized in 1991.

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