NEW YORK (TheStreet) -- The AES Corporation (AES - Get Report) dipped lower on Friday as investors continued to process news of a secondary offering of 40 million shares announced earlier in the week. Since Monday, shares have fallen 8.9%, shedding value from the year's overall 27.9% gain. On Friday, the company dipped 1.3% to $13.67.
The electric utilities company said it plans to offer 40 million shares of common stock at $13.45 a share. It also intends to repurchase 20 million shares from Terrific Investment Corporation, a subsidiary of China Investment Corporation, at $12.91 a share.
Barclays, J.P. Morgan and Morgan Stanley are joint book-running managers of the offering, while Bank of America, SunTrust Robinson Humphrey and UBS Investment Bank are co-managers.
--Written by Keris Alison Lahiff.
Must Read: IJH, ADS, AMG, TSCO: ETF Inflow Alert