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Never fear. Soon you'll be able to buy the green power for your plug-in hybrid from the Chinese.
Feel better now?
bill, what do you think the chances are that the US authorities pull another "Unocal" this time? This would not appear to fit into the "second class asset quality" pattern we've seen so far...;)
Item 1.01 Entry into a Material Definitive Agreement.
The information provided under Item 3.02 below is incorporated by reference to this Item 1.01 in its entirety.
Item 3.02 Unregistered Sales of Equity Securities. On November 6, 2009, The AES Corporation (the "Company") entered into a stock purchase agreement (the "Stock Purchase Agreement") with Terrific Investment Corporation ("Investor"), a wholly-owned subsidiary of China Investment Corporation ("CIC"), pursuant to which the Company agreed to issue and sell to Investor 125,468,788 shares of the Company's common stock for $12.60 per share, for an aggregate purchase price of $1.58 billion. Following the issuance of the shares of common stock, Investor's ownership in the Company's common stock will be approximately 15% percent of the Company's total outstanding shares of common stock on a fully diluted basis.
The closing of the sale of the shares of common stock of the Company to Investor is subject to certain closing conditions. These closing conditions include the receipt of requisite regulatory approvals, including clearance by the U.S. Committee on Foreign Investments in the United States (CFIUS)...
...Also on November 6, 2009, the Company and California executed a letter of intent with respect to a possible 35% investment by Investor in the Company's global wind energy business (other than Brazil). The purchase price for such 35% interest is expected to be $571 million...
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