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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Bolivia nationalizes electricity companies AFP - Sunday, May 2 Send IM Story Print Evo Morales, pictured in 2004, has nationalized British, French, and Bolivian-run electric power companies, according to the president of the state-run power company. LA PAZ (AFP) - – Bolivia's President Evo Morales has nationalized British, French, and Bolivian-run electric power companies, the president of state power company ENDE said Saturday. The nationalized companies were identified as Corani, controlled by a subsidiary of France's GDF Suez; Guaracachi, run by British Ruelec PLC; and Valle Hermosa, managed by the Bolivian Generating Group. "All morning we have been in this takeover process," Roberto Peredo, the president of ENDE said in a speech at the Corani power plant in Cochabamba. "We have established a presence in the thermal plants of Guaracachi, Valle Hermosa, Carrasco and other smaller ones, and... Corani," he said. The Carrasco power plant belongs to Valle Hermosa. Morales also signed a decree setting a 120-day period to negotiate the takeover of a fourth power company, the Empresa de Luz y Fuerza Electrica de Cochabamba, which is 80 percent owned by the company's workers. The workers issued a statement rejecting the takeover and declaring themselves to be in a "state of emergency." It was not immediately clear how much shareholders of three nationalized companies would receive. Calling the takeovers "one of the biggest achievements of the cultural revolution," Peredo recalled that Bolivia's state power company was privatized in the 1990s and sold to "neoliberal capitalists for the price of a dead chicken." Morales used May Day, the international labor day, to announce the measures, the latest in a series extending the state's control over the economy. Since coming to office in January 2006, Morales has nationalized oil and gas companies, telecommunications and a tin foundry. But Morales faces growing labor unrest, with workers and teachers staging strikes for higher pay. With tensions high, Morales decided not to lead a May Day march by the Bolivian Workers Union, once one of his most important backers. Recommend Send IM Story Print News Search Top Stories Hundreds gather for US May Day immigration protests EU sugar companies big winners from CAP subsidies Bolivia nationalizes electricity companies Obama says US economic heartbeat 'growing stronger' Putin proposes merging Gazprom, Ukraine gas firm More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Lady Gaga, Bill Clinton, Lula top Time's influence list Australia plans world-first plain cigarette packets Obama says US economic heartbeat 'growing stronger' Spain jobless rate tops 20%, adding to debt worries Disaster looms as oil slick reaches US coast More Most Viewed » Aliens may exist but contact would hurt: Hawking Apple engineer loses iPhone prototype French driving veil row escalates Airlines want compensation as Europe's skies reopen More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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