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Bolivia seizes Spanish utility in forced nationalization
Posted By -NO AUTHOR- On 01/03/2013 @ 11:05 pm In Money,World | No Comments
(OilPrice) Spain’s Iberdrola has the gone the way of Repsol (REP.MC) in Latin America, as the Bolivian army seizes its buildings on orders from the government to nationalize the utility.
On the eve of the New Year, Bolivian President Evo Morales ordered the nationalization of four business units owned by Spain’s largest utility, Iberdrola SA (IBE.MC). Hours later, the army and police seized the company’s offices.
According to media reports, the Bolivian government seized two of Iberdrola’s electricity distributors (Electropaz and Elfeo), a serve company and an investment firm.
This is part of Bolivia’s plan to make electricity more affordable and accessible to its population. The nationalization plan also includes telecommunications and water. So far, 15 companies have been nationalized since Morales launched the campaign in 2006.
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