UPDATE 1-Brazil builder Brookfield says top shareholder plans buyout
SAO PAULO Feb 14 (Reuters) - Brazilian real estate developer Brookfield Incorporações SA said on Friday its controlling shareholder planned to buy out minority shareholders for up to 430 million reais ($180 million), or a maximum premium of 29 percent, and delist the company from the BM&FBovespa stock exchange.
Brookfield has lagged its peers in returning to profitability after a wave of aggressive expansion led to painful cost overruns, project delays and canceled contracts.
The company began tightening credit standards in 2010 to reduce cancellations, but many Brazilian homebuyers are stepping back after their personal finances deteriorated following a credit-fueled consumption boom.
Brookfield Brasil Participações plans to offer up to 1.60 reais per share for some 268.6 million shares in circulation, according to a securities filing.
The homebuilder's stock closed 5 percent higher on Friday at 1.24 reais per share.
- Alabama man gets $1,000 in police settlement, his lawyers get $459,000
- New York police officer critically wounded in hatchet attack |
- Doctor with Ebola in New York hospital after return from Guinea
- Exclusive: Charred tanks in Ukraine point to Russian involvement
- Putin accuses United States of damaging world order