The Latin American country hopes to acquire majority control of Casino Group’s operations in Venezuela.

President Hugo Chavez announced that negotiations, following the expropriation order he issued to Casino last month, have led to Casino offering to sell 80% of its shares in the corporation Cadena de Tiendas Venezolanas (Cativen).

Casino operates six hypermarkets in Venezuela. “The expropriation turned into a friendly agreement,” Chavez said last Saturday.