CARACUS, Venezuela—The US$1.4 billion takeover plan of U.S.-based power company AES for Venezuelan telecom company CANTV was approved by Venezuela’s National Securities Commission. CANTV, in which Verizon Wireless holds a 28.5-percent stake, owns 100 percent of Venezuelan mobile operator Movilnet.
In late August, AES offered US$24 for each American Depositary Receipt for a 43.2-percent stake in CANTV. AES already holds a 7-percent stake in CANTV, and the deal would give it control of the company from Verizon, which currently has management control. Analysts speculate Verizon could launch a counteroffer for the company, according to international press reports.
The deal still must be approved by Venezuela’s monopolies commission.
