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Venezuela to Pay $690 Million for Casino’s Retail Operations

Venezuela will pay $690 million for an 80 percent stake in Casino Guichard Perrachon SA’s local retailing operations after President Hugo Chavez seized some supermarkets earlier this year for what the state called unauthorized price increases.

The government will pay the Casino-led local unit known as Cativen, $138 million, or 20 percent of the total amount, on Sept. 7, according to a statement from the Information Ministry published on the website of Venezuela’s state television. The payment will be made in cash and bonds, the statement said.