July 4, 2017 / 10:01 PM / 4 months ago

Brazil's Renova confirms receiving formal bid from Brookfield

SAO PAULO (Reuters) - Brazil’s renewable energy company Renova Energia SA (RNEW11.SA) confirmed in a securities filing on Tuesday having received a formal bid from Canada’s Brookfield Asset Management Inc (BAMa.TO).

People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014. Brookfield Asset Management said on Wednesday its cash flow slumped 29 percent in the first quarter due to a decline in realized gains from asset sales, but the result beat estimates and the company raised its dividend by 7 percent. REUTERS/Mark Blinch (CANADA - Tags: BUSINESS) - RTR3O6U7

Reuters reported on Monday that Brookfield offered to inject 800 million reais ($242 million) into Renova and buy a 16 percent stake in the firm owned by local power company Light SA (LIGT3.SA) for the equivalent of 9 reais a share. Renova did not disclose financial details of the bid. Its shares jumped 6 percent on Tuesday to 7.47 reais.

Reporting by Tatiana Bautzer; Editing by Jonathan Oatis

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