The correct term is nationalization. As far as I'm aware, there have been many nationalized foreign companies in Venezuela but the owners are getting paid. Given that I haven't heard anyone complaining, the prices are probably fair. So, this is very far from confiscation.
That is so far from my general impression of the matter, I had to do some news searches to make sure I wasn't taking crazy pills. Fortunately, it seems I wasn't. "Companies are very afraid."[1] Here[2] we have a company whose oil rigs were "nationalized" because they refused to do more work until they were paid the $49 million it was owed. Another article [3] indicates that Exxon-Mobil and Conoco-Philips might get paid for their assets four years after nationalization.
The alternative is something like South Africa and Botswana where the worlds largest gold and diamond resources were stolen, and are still being stolen by a small clique of individuals connecting Durban, Belgium, New York and London, and the same wealth was used to support a number of minority governments in Africa and Asia, some of which are very popular with the right wing. I hate communists as much as the next person, but you've got to have perspective.
You've got to be kidding. Chavez "nationalizes" to take over companies and presents the move as taking from the rich to give to the poor. Castro did something similar with American companies like The Hilton when he came into power, as do virtually all socialist dictators. The owners of those companies are far from content. It's just utter ignorance to even state that.
