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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
February 18, 1997
Date of Report (Date of earliest event reported)
Commission File Number: 0-19281
THE AES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
54-1163725
(IRS Employer Identification No.)
1001 North 19th Street
Arlington, Virginia 22209
(Address of principal executive office)
Telephone Number (703) 522-1315
(Registrant's telephone number, including area code)
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Item 5. Other Events.
On February 18, 1997, The AES Corporation (the "Company")
announced that it had reached agreement to acquire the international business of
Destec Energy. Incorporated herein by reference in Exhibit 20.6 attached hereto
are details of the announcement.
Item 7. Financial Statements and Exhibits.
The following is filed as an Exhibit to this Report.
Exhibit Number 20.6
Description
News Release Announcing the Company's acquisition of the
international assets of Destec Energy.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
The AES Corporation
(Registrant)
BY: WILLIAM R. LURASCHI
WILLIAM R. LURASCHI
GENERAL COUNSEL AND SECRETARY
Dated: February 18, 1997
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
20.6 News Release Announcing the Company's Acquisition of Destec.
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EXHIBIT 20.6
FOR IMMEDIATE RELEASE
AES TO ACQUIRE DESTEC ENERGY'S INTERNATIONAL BUSINESS
Acquisition Includes Five Electric Generating Plants
ARLINGTON, VA, February 18, 1997 -- The AES Corporation (NYSE: AES) announced
today that it, together with the NGC Corporation ("NGC"), was the winning bidder
to acquire Destec Energy, a large independent power producer. AES and NGC teamed
up to bid for Destec and offered a winning bid of $1.27 billion (or $21.65 per
share of Destec common stock) for all of Destec. Under the terms of the
agreement, Destec will merge into a subsidiary of NGC, and immediately
thereafter, AES will acquire all of Destec's international assets, with NGC
retaining all of Destec's US and other businesses.
The international assets to be acquired by AES for $365 million include five
electric generating plants and a number of power projects in development. The
acquisition has been approved by Destec's Board of Directors, and remains
subject to the approval of Destec's shareholders as well as certain governmental
approvals. Dow Chemical, which owns 80 percent of Destec, has agreed to vote in
favor of the merger.
The plants to be acquired by AES (with ownership percentages in parenthesis)
include the following:
- -- 110 MW gas-fired combined cycle plant in Kingston, Canada (50 percent);
- -- 405 MW gas-fired combined cycle plant in Terneuzen, Netherlands (50 percent);
- -- 140 MW gas-fired simple cycle plant in Cornwall, England (100 percent);
- -- 235 MW oil-fired simple cycle plant in Santo Domingo, Dominican
Republic (100 percent); and
- -- 1600 MW coal-fired plant in Victoria, Australia (20 percent).
The acquisition by AES also includes a number of Destec's non-US
development-stage power projects in Taiwan, England, Germany, Philippines,
Australia, and Columbia with a total capacity of approximately 2600 MW.
Mr. Thomas Tribone, President of AES Americas, commented, "This transaction is a
great strategic fit with our existing plants and gives us a stepping stone into
new countries and markets around the world. The projects in development are of
great interest and we are optimistic that some of these projects can be
converted into operating plants."
Mr. Dennis Bakke, President and CEO of AES, stated, "We were delighted to have
this chance to work together with NGC. AES and NGC each had an interest in
various parts of Destec's business, and we were able to combine our efforts to
achieve a strategic fit for each of us. The spirit of cooperation during the
bidding process was outstanding. This deal allows us to aggressively expand our
global power company."
AES is a leading global power company that currently owns or has an interest in
thirty-four power facilities totaling over 11,000 megawatts in the United
States, Argentina, Brazil, Pakistan, Hungary, Kazakstan, China and the United
Kingdom. In addition to having assets of $3.7 billion, the company has more than
$5 billion of projects in construction or late stages of development. AES is
dedicated to providing electricity worldwide in a socially responsible way.
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For more general information visit our web site at www.aesc.com or contact
investor relations at [email protected]