Electric company nationalized
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President Hugo Chavez’s government clinched the nationalization of Venezuela’s largest private electric company, signing an agreement to buy a controlling stake in Electricidad de Caracas from its U.S.-based owner, AES Corp., for $739 million.
The agreement to pass the company’s 82% stake in the utility to the Venezuelan government was signed by Paul Hanrahan, president and chief executive of Arlington, Va.-based AES, during a ceremony at the presidential palace in Caracas.
AES’ shares will be transferred to state oil company Petroleos de Venezuela within 30 days, Energy Minister Rafael Ramirez said.
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