Venezuela gains control of electric firm from AES
President Hugo Chavez’s government nationalized Venezuela’s largest private electric company, buying a controlling stake in Electricidad de Caracas from its U.S.-based owner, AES Corp.
The sale was made official as Paul Hanrahan, chief executive of AES, signed a document during a ceremony at the presidential palace in Caracas passing the firm’s 82% stake in the utility to the Venezuelan government. Signing for the Venezuelan government was Rafael Ramirez, the president of state oil company Petroleos de Venezuela.
The sale price was not disclosed.