RealNews

Venezuela to nationalize power company

President Hugo Chavez’s government moved to nationalize Venezuela’s largest private electric company on Thursday, signing an agreement to buy a controlling stake in Electricidad de Caracas from its U.S.-based owner, AES Corp. The sale agreement was signed by Paul Hanrahan, president and chief executive of Arlington, Va.-based AES, during a ceremony at the presidential palace in Caracas, agreeing to pass the company’s 82-percent stake in the utility to the Venezuelan government within three months. Full Story

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