Venezuela: No Decision Yet On Delisting CANTV From NYSE

CARACAS -(Dow Jones)- Venezuela has not yet decided whether it will delist shares of CA Nacional Telefonos de Venezuela (VNT), or CANTV, from the New York Stock Exchange, the country's telecommunications minister, Jesse Chacon, said Wednesday.

Chacon said that if the outstanding shares in the U.S. are held by fewer than 300 shareholders, the delisting will be automatic. After the buyout, 4.12% of the company's shares are still held in the U.S., he said.

Venezuela bought back more than 86% of outstanding CANTV shares in a tender, which will put the company under government control.

Telefonica, which owns CANTV competitor Movistar, sold its 6.9% stake in CANTV during the tender.

Chacon said the government will completely change the existing board at CANTV when it takes over operations later this month.

"Everyone is out," said Chacon, who has criticized the company for not investing enough to extend coverage to rural areas of the country.

Venezuela bought back CANTV as part of a nationalization drive that includes other strategic industries, including oil and electricity. President Hugo Chavez is also threatening to nationalize a major steel firm and domestic banks.

-By Raul Gallegos; Dow Jones Newswires; 58-212-564-1339; raul.gallegos@dowjones.com

(END) Dow Jones Newswires "

Posted to the site on 10th May 2007