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 ...

Gilles, Poirier capture Grand Prix silver
 
Abbotsford Police report 27 vehicles damaged so far in November
 
Rare pinto deer shot and killed
New tree fruit replant program unveiled in Kelowna by B.C. premier
 
Update: Fire on Fairview
 
Locals purchase Montane Terraces
Connecting with community to help ends meet
 
North Shore Hall to receive major upgrade
 
Esquimalt Coach and Horses has colourful history

Community Events, November 2014

Add an Event

Read the latest eEdition

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

Nov 21 edition online now. Browse the archives.