Brookfield to dispose of WEF units, continues to hold 49% of common shares

The private equity division of Brookfield Asset Management has agreed to sell through a secondary offering part of its investment in Vancouver-based lumber manufacturer Western Forest Products Inc (TSX:WEF). Under the agreement, Brookfield will dispose of 40,000,000 units at a price of $1.45 per unit. Upon completion of the transaction, the Toronto-based Brookfield will continue to hold approximately 49% of the company's common shares. Western Forest Products was formed in 2004 as a result of Brookfield's acquisition of the bankrupt Doman Industries Ltd.

CanadaNorth AmericaBriefs