Venezuela plans stock sale in break from socialist model

By Regina Garcia Cano | Associated Press

CARACAS, Venezuela — Venezuela’s government is seeking private investors to pump funds into vital but crippled state-run companies, decades after seizing them in the name of socialism.

The government on Monday intends to offer 5% to 10% stakes in companies ranging from telephone and internet service providers to a petrochemical producer. In another country, those industries might be attractive targets for investors, but questions remain as to who would be willing or able to take a minority position in the Venezuelan companies that have suffered from years of neglect and mismanagement.

Adding to the mystery is lack of details provided by the government

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