Well, that was better
than the market expected: Venezuela is paying $17.85
per share to buy back the outstanding stock in telecom company CANTV. The
biggest stake is owned by Verizon, which will get $572.3 million, or about 25%
less than it was going to get by selling its stake to Mexico’s Carlos Slim.
But given that there were fears Verizon would get nothing at all, an extra half
billion or so is great news to them.
The nationalization takes away by far the biggest and most liquid stock in
Venezuela, which must be tough for investors looking for ways to place bets
on the country. Maybe they should just start selling protection on Venezuela’s