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Babcock Infrastructure investors back Brookfield plan

Sun Nov 15, 2009 11:30pm EST

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MELBOURNE, Nov 16 (Reuters) - Shareholders in Babcock & Brown Infrastructure BBI.AX on Monday approved a $1.7 billion plan backed by Canada's Brookfield group (BAMa.TO) to rescue the debt-saddled Australian port, railway and pipeline asset manager.

BBI said it had received overwhelming support from shareholders for the recapitalisation proposal.

The plan calls for Brookfield to buy up to A$713 million ($665 million) in new shares, giving it a 35-40 percent stake in BBI, as part of a total A$1.5 billion equity raising by BBI. (Reporting by Sonali Paul)



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