Business Services Industry
The future of Venezuela's CANTV.(MARKET INTELLIGENCE)(Compania Anonima Nacional Telefonos de Venezuela)
Latin America Telecom, November, 2006
Venezuela's incumbent fixed-line operator, Compania Anonima Nacional Telefonos de Venezuela (CANTV), is in the process of changing hands.
In April 2006, America Movil and Telmex agreed to acquire Verizon's share of CANTV (28.5 percent) for US$676.6 million in cash. The acquisition was part of America Movil's agreement to buy all of Verizon's Latin American operations, including Telecomunicaciones de Puerto Rico and Verizon Dominicana in the Dominican Republic.
America Movil and Telmex, both owned by Mexican magnate Carlos Slim, agreed to make a tender offer for all the remaining shares of CANTV.
Under Venezuelan law, anyone purchasing more than 10 percent of a company must make an offer to acquire the rest of the outstanding shares....
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