Chavez Takes Over AES-Owned Utility

Law360, New York (February 9, 2007, 12:00 AM EST) -- The government of Venezuelan President Hugo Chavez signed an agreement Thursday to nationalize the utility company Electricidad de Caracas, which is owned by U.S.-based AES Corp.

Under the agreement, AES will sell its 82% stake in Electricidad de Caracas to the state oil company, Petroleos de Venezuela SA, for $739.3 million. Any minority shareholders will then either hold onto their stock or sell it to PDVSA for equal or better terms than what AES received, the government said.

“The deal respects the interests of both parties,...
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