AES Makes Telecom Bid

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US-based power company AES has made a $1.4 billion bid for control of CanTV, Venezuela’s largest telecommunications company. AES already owns about 7% of CanTV through its majority ownership of Venezuelan electric utility Electricidad de Caracas. AES is frustrated with CanTV’s performance and thinks it can do more to increase its profits. If the bid is successful, AES plans to sell CanTV’s mobile-telephone business and distribute the proceeds to shareholders. AES is one of the world’s biggest power producers, with nearly 50,000 megawatts of generating capacity. If AES wins control of CanTV, the US-based company will expand its presence in South America, where it already has several power projects as well as smaller telecom stakes.

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