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Cemig to exit Brazil's Renova as Brookfield signals higher bid, sources say
September 29, 2017 / 3:43 PM / in 2 months

Cemig to exit Brazil's Renova as Brookfield signals higher bid, sources say

Sept 29 (Reuters) - Cia Energética de Minas Gerais SA and a subsidiary plan to exit their controlling stake in Brazilian renewable power company Renova Energia SA as Brookfield Asset Management Inc considers raising a takeover bid more than initially expected, two people with direct knowledge of the matter said on Friday.

According to the people, who requested anonymity because the talks remain private, Brookfield would offer Cemig and subsidiary Light SA the equivalent of 11.75 reais ($3.72) per unit of Renova. Each Renova unit consists of one common and two preferred shares.

$1 = 3.1640 reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn

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