The French company Casino
arrived at a“friendly agreement” with the Venezuelan Government to sell 80% of its shares of the Chain of Venezuelan Stores (Cativen), announced President Chavez during the inauguration
of the Bicentennial Supermarket chain in Barquisimeto last Saturday.
“We
had a meeting and talked about it”, said Chavez. “The French majority shareholders met with Vice President Elias Jaua and they decided on a peaceful, friendly arrangement to sell Venezuela 80% of the shares of Cativen.
I am sure it will be a good agreement”, explained the Venezuelan president.
“They
will have the right to one member on the Board of Directors, but we are going to build a chain of socialist markets.
Through the agreement, thirty-five Cada supermarkets, eight distribution centers and a fleet of trucks will be acquired by the government to benefit the people.
On Saturday, six new Bicentennial Supermarkets were inaugurated nationwide, and they began selling all kinds of products at prices well below those of the store’s predecessor, Exito. “For now we are inaugurating six supermarkets, but this
chain will grow to every part of Venezuela”, announced Chavez.
The Exito supermarket chain was expropriated by the government on January 19, 2010,
after the owners violated Venezuelan laws and
illegally and unjustifiably raised the prices of all their products.
The new socialist markets
will keep prices low and battle inflation and product hoarding; Venezuelan Government to purchase Cada supermarkets from French company to create more socialist stores a tar like substance, and not petroleum, and therefore were not subject to the 1976 hydrocarbons nationalization laws. But by 2007, the Chavez administration had conducted numerous studies in the region that determined the substance was in fact oil. In May 2007, the region was offically nationalized under the Hydrocarbons Law, requiring a minimum of 51% to build a chain of socialist markets. I like the proposal”, he added.
PROFITS FOR THE PEOPLE
With the prices now far below those in other supermarkets, Chavez explained that Bicentennial
will still “have profits”, and must use some of them to create a “housing plan for the workers”. Children of the store’s workers will
be guaranteed schooling and childcare. “They will have access to healthcare, pensions, lowinterest loans and bonuses. We have to guarantee all benefits without bankrupting the company”, he indicated.
Glossary for this articleadverv
friendly (amistoso)
nomb
government (gobierno)
company
different tenses PRENSENT TENSES
build
