Brookfield, Renova talks cool over management rights: Reuters
The reluctance of Renova Energia SA's largest shareholder to give up management of the debt-laden Brazilian renewable power company threatens to derail takeover talks with Brookfield Asset Management Inc, sources told Reuters. Power utility Cia Energética de Minas Gerais SA wants to be part of a Brookfield-led turnaround of Renova. The utility known as Cemig owns 34.2 percent of Renova. That stance could sink Brookfield's proposed 1.6 billion-real (US$499 million) cash offer for control. Cemig plans to first sound out interest from distressed debt giant Oaktree Capital Management LP and two other unidentified funds in Renova, the sources said.
13 July 2017•2 mins read
