On January 8, 2007, President Hugo Chávez announced that Venezuela would re-nationalize CANTV, a move aimed at returning the company's control to the state. On April 8, 2007, the Venezuelan Government launched a tender offer to acquire Cantv’s shares in Venezuela (Class D) and in the United States (ADS). One month later on expiring the offer, the Government acquired 79.6% of the outstanding shares of the Company, in addition to the 6.6% which it previously owned, obtaining control of the Company with a total of 86.2% of its total shares.