Officials with Venezuela's largest private power company La Electricidad de Caracas (EDC) formally advised workers that Venezuelan state-run oil conglomerate Pdvsa is launching a takeover bid to purchase all of EDC shares as from next April 9th.

The move comes in line with the memorandum of understanding the Venezuelan Government, through Pdvsa, and US energy multinational firm AES Corporation initialed last February 8th, under which President Hugo Chávez' administration is taking control of EDC.

However, based on the final document the parties executed on February 22nd, as published on AES official website, "Pdvsa undertakes to make a public announcement and launch a takeover bid simultaneously in Venezuela, the United States and Spain within 30 days following the agreement date, at a price per share not lower than the price set for EDC shares held by sellers." Therefore, the Venezuelan State is making the takeover bid with a two-week delay, based on the period mentioned above.