Venezuela’s largest energy company, privately owned Electricidad de Caracas (EDC), is to be “nationalized” as part of a wider program affecting the entire energy sector, according to comments made by the country’s energy minister Rafael Ramírez on Monday. Reuters reported that Ramírez revealed the government is aiming to take control of 86% of the utility controlled by AES of the United States. The state hopes to take over the stake by the end of the first half of this year. AES took control of EDC in 2000 via a hostile takeover amid against a background of falling share prices and political uncertainty. The new government of Hugo Chávez did nothing at the time to block the sale.
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