Vene to Buy Back CANTV ADS

Venezuela is commencing its offer to buy back all of the outstanding ADS for its recently nationalized TV station CANTV. The sovereign is offering to pay $1.61 per CANTV share, of which there are 7 per ADS, implying a $11.27 per ADS repurchase price, according to a statement issued by the government. The offer remains open for 30 days. CANTV’s depository receipt program with the Bank of New York is being terminated following the repurchase.