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Venezuela president just takes over their telecom company.

Discussion in 'International Wireless Forum (Including Canada and' started by Fire14, Jan 22, 2007.

  1. Fire14

    Fire14 Easy,Cheap & Sleazy
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    This guy is nuts, could you imagine doing this here or in other countries? I have a bad feeling about him.


    Venezuela's President Chavez Orders Immediate CANTV Takeover

    Venezuela's President Hugo Chavez ordered Sunday an immediate takeover of the country's top telecom company CA Nacional Telefonos de Venezuela (VNT) or CANTV, even before he pays shareholders for nationalizing their assets.

    "Have we taken over CANTV yet? Call the (company's) bosses and name a new board of directors," Chavez told his Telecommunications Minister Jesse Chacon, during his televised radio show "Hello President".

    He asked his minister to find the legal means to seize the company immediately before paying for it and said he will pay shareholders the price his government considers fair.

    "Don't come and say the company is worth so much. You guys are crazy. We will pay what the law says and when the government decides" to do so, said Chavez.

    He insisted that CANTV was practically "given away" at a very low price, when it was privatized in the early 1990's.

    The leftist leader's decision comes two weeks after he announced he would nationalize the telecom company as well as others in the power and natural gas industries.

    His nationalization call caused a drop in the share price as nervous investors tried to sell off their stock holdings.

    So far the president has offered no details of how much or how soon his government plans to pay for the company's assets.

    www.cellular-news.com/story/21525.php
     
  2. chuikov

    chuikov Senior Member
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    "His nationalization call caused a drop in the share price as nervous investors tried to sell off their stock holdings.

    So far the president has offered no details of how much or how soon his government plans to pay for the company's assets."

    Scare everyone into selling to justify a cheap payout when the company is seized. :mad:
     
  3. Etorres777

    Etorres777 Life is good for now..
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    Man that sucks...
     
  4. Jay2TheRescue

    Jay2TheRescue Resident Spamslayer
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    Chavez's regime also owns Citgo. That's why my family doesn't buy gas at 7-11.

    -Jay
     
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  5. Etorres777

    Etorres777 Life is good for now..
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    The 7-11's here use FINA.
     
  6. Jay2TheRescue

    Jay2TheRescue Resident Spamslayer
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    I'd check the ownership of FINA, sounds spanish to me...

    -Jay
     
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  7. Fire14

    Fire14 Easy,Cheap & Sleazy
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    I thought all 7-11's were going to get rid of Citgo as their fuel, because of him?
    I remember reading something about that a while ago, as for FINA I haven't heard of them being part of Citgo, but it's possible.

    I would rather walk then buy Citgo gas & glad we don't have any around here.
     
  8. Jay2TheRescue

    Jay2TheRescue Resident Spamslayer
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    I had heard that rumor as well.
     
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  9. Etorres777

    Etorres777 Life is good for now..
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  10. strunke

    strunke .:|Always Covered|:.
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    Yeah 7-11 dropped Citgo around the time he made the comments at the UN. Although they say they were planning it anyway. I do not buy Citgo either. I would encourage you all to boycott them as well.
     
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  11. Jay2TheRescue

    Jay2TheRescue Resident Spamslayer
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    7-11 is still Citgo here. I try to avoid buying gas from them. It used to be that my family thought that the Venezuelans were not as bad as the Arabs, but now we think they are worse.
     
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  12. Fire14

    Fire14 Easy,Cheap & Sleazy
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    I think it's only the head honcho in Venezuela that is the problem, not the people down there. They seem to be blinded by his ways & you can't always blame the people for their leadership.
     
  13. Andy

    Andy Diamond Senior Member
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    I heard that there is more than one side to the CITGO thing. Yes, it is owned by the Venezuelans, but on the other side, they supplied us crude oil at far lower prices than they supplied other countries, in other words, we got a deal from them. So, in other words, I'm not sure who this will hurt more in the long run, because Venezuela won't have any problems shipping the oil to another country instead of the U.S.
     
  14. mframe

    mframe Senior Member
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    Although he makes no secret of his dislike for President Bush, President Chavez has no issues with the American people, and offered low-priced oil to Massachusetts' Emergency Fuel-Assistance Program, last winter.
     
  15. hillbilly44

    hillbilly44 Senior Member
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    When he runs his country into the ground like all socialist countries we'll have to bail them out after his people string him up like alot of tin-horn dictators!:loony:
     
  16. strunke

    strunke .:|Always Covered|:.
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    He is just one of many dictators that hate America and which are jealous of it's success. He started that program so the people in Venezuela would like him and he could say hey look what I did, elect me. Not because he is a humanitarian. He is slowly turning Venezuela from a decent country, into a socialist dictatorship where he doesn't have to use small tokens of charity to get elected.
     
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  17. wirles

    wirles I'm baaaaaaaaaack
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    Don't let Joe Kennedy and Chavez fool you. It is a ploy to woo teh American people into thinking he wants what is best for us. It is all propoganda. Csot of doing business for him.
     
  18. Etorres777

    Etorres777 Life is good for now..
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    I know just look at the our country.
     
  19. Kalimotxo

    Kalimotxo Bronze Senior Member
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    If you are consuming imported oil, chances are it is being imported from a very troubled region of the developing world. Mainly due to the fact that your country has already consumed its reserves of oil or your country never had many reserves to begin with.

    So while you sit there and damn citgo and think you are doing good by filling up across the street at the BP, realize that this gas could be coming from another very troubled region of the world. (i.e. Iran, Caspian Region, Saudi Arabia, Nigeria, etc).

    That said, to hell with Chavez. The guy is nuts!
     
  20. Kalimotxo

    Kalimotxo Bronze Senior Member
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    *cough* propaganda *cough*
     
  21. strunke

    strunke .:|Always Covered|:.
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    There actually is quite a bit in Wyoming, in the Gulf of Mexico, Alaska and underneath the Great Lakes....if worse comes to worse....Although I really think were not actually going to run out of it. The new technologies will develop, and oil will be relegated to smaller uses. We are still a long ways away from the end of our supply, but that doesn't mean we should stay complacent.....:: stepping off soapbox :: :)
     
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  22. Kalimotxo

    Kalimotxo Bronze Senior Member
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    Clearly there are still a lot of oil reserves in every stretch of the globe. It's hard to say what the future will hold but I doubt we'll see any major change in consumption for many years to come....
     
  23. Fire14

    Fire14 Easy,Cheap & Sleazy
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    I noticed a Citgo commercial last night with an 800 # to save 40% on your heating oil if you need assistance due to lower income.
    They tried to make it sound so nice & friendly, showing oil platforms off Venezuala's cost and people smiling & shaking hands.

    And what was the latest news with him, they approved the dictatorship in the country or something similar yesterday?
     
  24. Fire14

    Fire14 Easy,Cheap & Sleazy
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    Govt to pay Verizon US$572mn for Cantv share
    Venezuela's government has agreed with Verizon to buy the US telco's controlling 28.5% share in fixed line operator Cantv for US$572mn, Cantv said in a statement.

    President Hugo Chávez announced plans to nationalize Cantv in January and said expropriation was an option if agreement could not be reached.

    A Verizon spokesperson said the company was pleased with the Venezuelan government's decision.

    "We are pleased that the Bolivarian Republic of Venezuela intends to complete the process quickly and offer all shareholders an opportunity to sell their Cantv shares," the spokesperson told BNamericas in an email.

    The amount, however, is significantly less than the US$676mn a joint venture between Mexican telecom giants América Móvil and Telmex had agreed to pay for the same shares.

    With the government as Cantv's controlling shareholder, the country's telecommunications minister Jesse Chacón promised to expand the company's coverage.

    "Today we start the nationalization process of one of the most strategic companies in Venezuelan society," the minister was quoted as saying by local newspapers.

    Chacón has said the infrastructure expansion plans of state-run telco CVG Telecom will have to be reconsidered to include Cantv.

    As part of the agreement, Gustavo Roosen - Cantv president under Verizon control - resigned and was replaced by Vicente Llatas.

    ANALYST REACTION

    Although the deal leaves Verizon with more than US$100mn less than it would have received from AMX/TMX, it is still positive for the company as it can now focus on its US interests, according to José Otero, president of consultancy Signals Telecoms Consulting.

    "If you are Verizon, of course you are not going to be happy to lose this money, but at least they are out of Venezuela and don't have this problem anymore because it's not a core asset, it doesn't follow strategy," Otero told BNamericas.

    As for Cantv's future, key elements will be how the government chooses to structure its ownership in the company and how it manages its ownership of CVG Telecom, Otero added.

    Congress gave Chávez special powers at the end of last month to rule by decree for 18 months in certain strategic areas, including nationalization.

    The Venezuelan government agreed last week to pay US power company AES US$739mn for electric utility EDC, another of the assets Chávez has pledged to nationalize. And state oil firm PDVSA said this week it is buying power company Seneca from US major CMS Energy for US$106mn.



    www.cellular-news.com/story/22021.php
     
  25. jones

    jones Silver Senior Member
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    Verizon Pays Outgoing CANTV CEO $3.1M
    (AP) CARACAS
    Verizon Communications Inc. has agreed to pay $3.1 million to Gustavo Roosen, the outgoing president of Venezuela's largest telecom company, after Verizon struck a deal to sell its stake in the company to Venezuela's government.

    Roosen served as chief executive officer for CA Nacional Telefonos de Venezuela, CANTV, a company that President Hugo Chavez will soon bring under total state control.

    On Monday, the administration of Chavez struck a $572 million deal with Verizon to acquire a 28.51 percent stake in the carrier, the president's first move to nationalize the company.

    Verizon's Securities and Exchange Commission filing Wednesday about the payment to Roosen is the first indication that his departure was part of Chavez's deal with Verizon.

    Chavez's deal falls short of the $676.6 million that Mexican billionaire Carlos Slim offered to pay for Verizon's stake almost a year ago.

    http://kiplingerforecasts.com/apnews/XmlStoryResult.php?storyid=308519
     
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  26. jones

    jones Silver Senior Member
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  27. wirles

    wirles I'm baaaaaaaaaack
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    Re: CANTV sees growth, Venezuela to cut cell rates

    So typical. Hurricane Hugo is slowly decimating the country he dictates. It was once a wonderful place, a la Cuba. The difference between what he is doing and what Castro did, is that the Venezuelan people have an expectation of wealth from the oil they sit on...it will never bear fruit for the poor that put him in power, and now that he has the power he is taking away the upper class's possesions. Good ole Joe Kennedy, keep playing his pawn. I guess it is better than running someone down while drunk or leaving someone in the river like his relatives.
     
  28. jones

    jones Silver Senior Member
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    Cantv to invest US$250mn in GSM network

    Peace on Earth and Goodwill to Men.

    Cantv forecasts 24-30% growth, to invest US$250mn in GSM network
    Venezuela's largest fixed line operator Cantv expects revenue growth of 24-30% in 2007 compared to last year, reaching 8.91tn bolívares (US$4.15bn), the company said in a statement late Thursday.

    The company expects net income to increase 4-19% compared to 2006, to up to 1.35tn bolívares.

    Earlier in the week, Cantv announced 2006 profits of 1.13tn bolívares, a 427% increase compared to the previous year due mainly to increased mobile and broadband revenues and subscribers.

    "[Last year] was a remarkable year, setting the stage for our competitive stance and continued growth," the company's new CEO Vicente Llatas said in a conference call Friday.

    Leading the growth will be the company's broadband business, Llatas said. In 2007, Cantv aims to expand its ADSL client base by 88-104% compared to 2006 to a total of up to 923,000 lines.

    The company also said it will invest US$250mn in a new GSM mobile network.

    The comments are seen as the first indicators of how Cantv will proceed under government control. Venezuela's President Hugo Chávez announced plans to nationalize the company on January 8, and his government reached an agreement with Cantv's former controlling shareholder, US telco Verizon, to buy its 28.5% share for US$572mn in a deal signed February 12.

    Cantv also said it will launch a tender offer within 45 days of the agreement to acquire the 58.7% of shares floated on the market. The government already owns 6.6%, while Cantv employees, retirees and employee trusts hold another 6.2%.

    Llatas would not comment further on the agreement between Verizon and the government, nor would he say what could happen to the equity of shareholders who do not sell their stock.

    The executive said there are no current plans to delist the company from the NYSE or the Caracas stock market, but said that could change after the tender offer.

    Llatas took over as CEO on February 14 after Gustavo Roosen - who held the position for 11 years - resigned, along with board members Lorenzo Mendoza and Imanol Valez. New directors will be elected at an annual shareholders meeting scheduled for March 30.

    GSM Network

    Cantv expects to sign deployment contracts for the new GSM network by March, it said in Thursday's statement.
    The new network will coexist with the company's current CDMA/EVDO network.

    Through the GSM network, the company aims to target the higher income segments and have 600,000 subscribers by the end of 2008.

    Cantv says it currently leads the mobile market and forecasts 16-18% growth to 9.3mn subscribers by the end of 2007 compared to end-2006.

    The company expects to increase its capex this year by 34-53% compared to 2006 to 1.84tn bolívares, including the new GSM network.

    The country's telecommunications minister Jesse Chacón also said a US$300mn fiber optic extension being installed by state-un telco CVG Telecom would be reevaluated following the nationalization, possibly to include Cantv.
    www.cellular-news.com/story/22112.php
     
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  29. wirles

    wirles I'm baaaaaaaaaack
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    Don't let your love for GSM blind you to the shenanigans of Chavez. He is putting money into building out the network for his friends/upper class cohorts, but not into providing service for those who got him elected. Plus, there will be no competition.

    Leftist dictator.
     
  30. jones

    jones Silver Senior Member
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    I'm just SOOOOOOOO SAD
    CDMA is overlayed w/ GSM.:( :O
    This is the Only Country in Latin America
    where CDMA is Bigger than GSM.
    wWaaaaaaaaaaaaaahhhhhhhhhhhhh

    However you're Wrong there is Competition:
    Digicel
    Frequency: 900
    GSM Start Date: Sep-01
    Digitel TIM
    Frequency: 900
    GSM Start Date: Sep-99
    3G: EDGE
    Infonet
    Frequency: 900
    GSM Start Date: Sep-98
     
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    #30 jones, Feb 19, 2007
    Last edited: Feb 19, 2007

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