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Canada

Canada

Brookfield secures Western Wind takeover

CANADA: Canadian renewables company Brookfield Renewable Energy Partners said it has secured about two thirds of the shares of Western Wind Energy, ending a protracted and hostile takeover bid.

Brookfield said late on Thursday that shareholders have tendered 59.7% of Western's common shares in response to its C$2.60 per share offer, at a cost to Brookfield of about C$92 million (US$90 million).

Together with Brookfield's existing holdings, the fund will now own 66.1% of the company. It is designed to strengthen Brookfield's presence in the California market.

"This will increase our operating wind capacity in the attractive California market by 56% to nearly 430MW, while the company's other operating and development stage assets are expected to create further value over time," says Brookfield CEO Richard Legault.

Brookfield has extended it offer to 7 March to allow more Western Wind shareholders to tender their shares.

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