National

Brookfield Asset Management reducing stake in Western Forest Products

Darpan News Desk Canadian Press, 21 Aug, 2014 11:22 AM

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.

Prev Next

MORE National ARTICLES

Homicide Team Makes Arrest in one of Two Separate Deaths in Metro Vancouver

VANCOUVER - Metro Vancouver's Integrated Homicide Investigation Team says it has one person under arrest in a death in White Rock, B.C., but it's still looking for a suspect in the killing of a man in Burnaby.

Homicide Team Makes Arrest in one of Two Separate Deaths in Metro Vancouver

Co-owner of Quebec seniors' residence where 32 died wants inquiry into fire

QUEBEC - The owners of a seniors' home where 32 residents died in a tragic fire are calling for a public inquiry into the disaster.

Co-owner of Quebec seniors' residence where 32 died wants inquiry into fire

First Nations health officials to start Salmon testing after B.C. mine spill

LIKELY, B.C. - First Nations health officials are preparing to test salmon near the site of a mine tailings spill in British Columbia's Interior to determine whether the fish are safe to eat.

First Nations health officials to start Salmon testing after B.C. mine spill

Epileptic B.C. girl makes dramatic recovery, family pushes for pot oil research

The two-year-old Summerland, B.C., girl whose family is feeding her illegal cannabis oil has had a dramatic improvement in her seizure disorder.

Epileptic B.C. girl makes dramatic recovery, family pushes for pot oil research

Hacker used Canadian Internet provider to steal $83K Bitcoins: researchers

Researchers with a cyber security firm say they have uncovered that a hacker used access to a Canadian Internet provider to hijack large foreign networks, stealing more than US$83,000 in virtual currency.