Venezuela's nationalization of telecom operator CANTV won't leave Verizon holding the bag after all. Negotiations between Verizon and the government of Hugo Chavez resulted in a $572 million payment for the U.S. telecom's 28.5% stake in CANTV. The offer is worth $100 million less than an agreed deal between Verizon and Mexican dealmaker Carlos Slim. Despite the lower valuation, the deal beats initial expectations that Chavez's nationalization efforts might not compensate foreigners. The Chavez government is attempting to remake the oil-rich South American country in the image of socialist Cuba, and we all know how well that worked out for the masses. —Matthew Wurtzel
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