National News

Brookfield Asset Management cuts stake in WEF

By The Canadian Press

VANCOUVER - Western Forest Products Inc. (TSX:WEF) said Wednesday that Brookfield Asset Management (TSX:BAM.A) is reducing its stake in the forestry company.

Under a secondary offering announced after the close of trading, Brookfield Special Situations Management has agreed to sell 40 million shares at a price of $2.50 per share.

The underwriters have also been granted an over-allotment option for an additional six million shares at the same price.

Brookfield holds 113,960,052 shares in Western Forest Products, representing a 29 per cent stake.

Following the offering, Brookfield' stake will drop to about 19 per cent or about 17 per cent if the over-allotment option is fully exercised.

Western Forest Products has eight sawmills and three remanufacturing plants in B.C.

Shares in the company closed up two cents at $2.60 on the Toronto Stock Exchange on Wednesday.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Province floats gas tax shift to ferries
 
Missing 2-year-old girl found safe in Ontario
 
Maverick Riding Club Horse Show
Premier wants municipal pay to be election issue
 
UPDATE: Teen fighting for his life after car nearly sheared in half in Surrey crash
 
Human Rights Tribunal rejects smart meter complaint
Comox woman arrested after shots fired in Campbell River
 
Bublé pops in at RCMP open house
 
Port Renfrew hosts Song & Surf 5 this February

Community Events, September 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Sep 29 edition online now. Browse the archives.