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Technology Stocks : John, Mike & Tom's Wild World of Stocks
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To: John Pitera who wrote (2675)3/12/2002 12:19:16 PM
From: John Pitera  Read Replies (1) of 2850
 
AES-- Merchant Power--- taking steps to reduce the debt--

SANTIAGO (Dow Jones)--As part of its plan to cut exposure to Latin America, AES Corp. (AES) is seeking to unload a 99% stake in Chilean affiliate AESGener, local daily El Mercurio reported Tuesday, citing market sources.

The paper reported that AES hired Morgan Stanley (MWD) to find a buyer for the Chilean generator, and that the investment bank has kicked off the due-diligence process.

Efforts to sell AESGener come scarcely one year after AES' $1.3 billion takeover of the company. El Mercurio reported that AES has recouped an estimated $500 million of its investment in Gener during that time.

The paper also reported that possible investors, including electricity companies, are in talks with Chilean businessmen who were executives at Gener prior to the AES takeover on management opportunities
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