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Updated Monday, September 6, 2010 11:10 pm TWN, Reuters

Venezuela approves payment for French retailer Casino

CARACAS--Venezuelan President Hugo Chavez has approved a US$690-million payment to French retailer Casino and other owners of a supermarket chain nationalized earlier this year, state media said on Saturday.

A first US$138-million installment will be paid on Sept. 7, added a statement by the Information Ministry on the website of state TV channel Venezolana de Television.

The statement said the government would take an 80 percent stake in the Cativen group, which ran the Exito and Cada supermarket chains taken over in January by the government, which accused them of price-gouging after a devaluation.

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