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Venezuela buys electric company



AP
CARACAS
Petroleumworld.com 05 11 07


Venezuela's government has bought nearly 93 percent of shares in the country's largest private electric company in a nationalization move that will cost $836.9 million.

The state oil company, Petroleos de Venezuela SA, said in a statement Thursday that it had obtained a stake of just under 93 percent in the power company Electricidad de Caracas, or EDC, through a monthlong tender offer launched April 9.

The takeover is part of a nationalization drive by President Hugo Chavez that also includes Venezuela's main telecommunications company and lucrative oil projects.

The share in EDC obtained by the government includes an 82 percent stake that Venezuela agreed to buy in February from Arlington, Virginia-based AES Corp. for about $739 million.

 

AP 10 05 07

Copyright© 2007 AP. All Rights Reserved.

 

 

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