(The Associated Press) - "The Venezuelan government plans to acquire control of telecommunications company CANTV next month when its shares will be sold in a public offering, the telecommunications minister said Thursday.

President Hugo Chávez has ordered the nationalization of Compañía Anónima Nacional Teléfonos de Venezuela CA, or CANTV. In the first step toward bringing it under state control, the government agreed last month to purchase a 28.5 percent stake from Verizon Communications Inc., the largest shareholder, for US$572 million (€436 million).

CANTV's remaining shares will go on offer starting April 9 in Venezuela and the United States , Telecommunications Minister Jesse Chacón told a news conference. The company is traded on both the New York Stock Exchange and Caracas stock exchange.

Chacón has said previously that the Venezuelan government plans to acquire at least a 70 percent stake in CANTV.

Under last month's deal, the Venezuelan government agreed to pay Verizon US$17.85 (€13.37) per CANTV American Depository Receipt traded on the New York Stock Exchange and to purchase remaining shares from other stockholders at the same price.

The government already held 6.5 percent of CANTV before acquiring Verizon's stake. Other shareholders are Spain's Telefónica SA with 6.9 percent and employees and retirees, who hold an 11.7 percent stake. The company is estimated to have another 43,000 smaller, individual shareholders".