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AES Corp. said it elected Paul Hanrahan president and chief executive, effective immediately. Hanrahan succeeds Dennis Bakke, who is retiring. Hanrahan was executive vice president and one of four chief operating officers.

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* Carl Icahn raised his offer for Morton’s Restaurant Group Inc. to $15 a share from $13.50 a share, or about $63 million. Morton’s on Monday agreed to a buyout offer from Castle Harlan Inc. that matched last month’s $56.6-million offer from Icahn.