July 19, 2017 / 11:37 PM / 2 years ago

Brazil's Light authorizes Renova to enter exclusive talks with Brookfield

FILE PHOTO - 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. REUTERS/Mark Blinch

SAO PAULO (Reuters) - The board of Brazilian utility Light SA (LIGT3.SA) has given its approval for Canada’s Brookfield Asset Management Inc (BAMa.TO) to enter exclusive negotiations to acquire its stake in renewable company Renova Energia SA (RNEW11.SA), the company said in a securities filing.

Light said that Brookfield’s renewable energy unit in Brazil would have the right to negotiate exclusively for 60 days the acquisition of Light’s stake in Renova and a cash injection into the company.

Reuters first reported Brookfield’s bid to buyout Renova in July 7.

Reporting by Tatiana Bautzer; Editing by Daniel Flynn and Cynthia Osterman

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