🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Canada's Brookfield to become controlling shareholder in Brazil's Renova

Published 2017-05-12, 04:03 p/m
© Reuters.  Canada's Brookfield to become controlling shareholder in Brazil's Renova
CMIG4
-
LIGT3
-
RNEW11
-
BN
-

By Luciano Costa

SAO PAULO, May 12 (Reuters) - Canada's Brookfield Asset Management Inc BAMa.TO has agreed to buy Light SA's LIGT3.SA stake in Brazilian renewable energy company Renova Energia SA RNEW11.SA to become controlling shareholder later, one source with direct knowledge of the talks said on Friday.

Brookfield will first acquire a 20.3 percent stake owned by Light in Renova, worth about 200 million reais ($64 million) considering market prices.

A second step to become controlling shareholder will be a capital injection of 800 million reais that will dilute current controlling shareholder, Centrais Elétricas de Minas Gerais SA CMIG4.SA , the source added, seeking anonymity because discussions are private.

Brookfield, Renova, Cemig and Light did not immediately comment on the matter.

($1 = 3.1227 reais) (Writing by Tatiana Bautzer; Editing by David Gregorio)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.