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Authors: Luis Sanz (INCAE Business School); Mateo Lesizza (INCAE Business School)
Published in: 2004

Abstract

This is a Spanish version. On April 28, 2000, Mr Dennis Bakke, CEO of AES Corporation, a company ranked as the most globalised US electrical firm, announced a public takeover bid for 51% of Grupo Electricidad de Caracas (Grupo EDC) shares of stock. The bid was considered hostile by the Grupo EDC board of directors, who contended with AES for company control in the following days. The process involved directly or indirectly different businesses, such as Spanish firms Union Fenosa and Endesa, the US company Enron, Venezuelan state agencies, such as the National Securities Commission (CNV), tribunals and courts, and foreign agencies, such as the US Securities and Exchange Commission (SEC). After the events, Mr Emilio Garcia, Latin American business unit manager of a well-known investment bank, was in New York carefully analysing the process. His purpose was to extract lessons that would enable him to give professional advice to a group of investors interested in becoming minority shareholders of corporations traded on the Venezuelan stock market.
Location:
Industry:
Size:
USD773 million sales in 1999
Other setting(s):
2000

About

Abstract

This is a Spanish version. On April 28, 2000, Mr Dennis Bakke, CEO of AES Corporation, a company ranked as the most globalised US electrical firm, announced a public takeover bid for 51% of Grupo Electricidad de Caracas (Grupo EDC) shares of stock. The bid was considered hostile by the Grupo EDC board of directors, who contended with AES for company control in the following days. The process involved directly or indirectly different businesses, such as Spanish firms Union Fenosa and Endesa, the US company Enron, Venezuelan state agencies, such as the National Securities Commission (CNV), tribunals and courts, and foreign agencies, such as the US Securities and Exchange Commission (SEC). After the events, Mr Emilio Garcia, Latin American business unit manager of a well-known investment bank, was in New York carefully analysing the process. His purpose was to extract lessons that would enable him to give professional advice to a group of investors interested in becoming minority shareholders of corporations traded on the Venezuelan stock market.

Settings

Location:
Industry:
Size:
USD773 million sales in 1999
Other setting(s):
2000

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