Brookfield refrains from higher bid for Brazil's Renova: Reuters
Canada's Brookfield Asset Management has refrained from improving an original bid for Brazilian renewable power company Renova Energia SA, after due diligence proceedings showed liabilities that were unaccounted for, a source told Reuters. Brookfield is leaning toward presenting a bid to Cia Energética de Minas Gerais SA and Light SA, valuing their combined 67 percent voting stake at the equivalent of 9 reais (US$2.85) per unit of Renova. In addition to the auditing impasse, Cemig’s precarious financial situation also played a role on Brookfield’s decision, the source said.
6 October 2017•2 mins read
