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Venezuelan President Hugo Chavez has announced plans to buy large farms and thousands of cattle from a British company. He says the move is part of his drive for land re-distribution.
The country's Agriculture Ministry expects the new takeovers to affect some 300-thousand hectares of farmland and 120 thousand cattle. Chavez says his country will soon be taking control of all the farms that have belonged to the English company, Agroflora, since 1909.
Agroflora is the Venezuelan subsidiary of the Vestey Group, a meat products company owned by Britain's Vestey family. The Venezuelan president says his country will pay the company for what they invested in more than a century ago.