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UPDATE - No improved offer for Renova yet

Wind park. Author: Santi VillamarĂ­n. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

Sep 20 (Renewables Now) - Brazilian renewable power producer Renova Energia SA (BVMF:RNEW11) has not received a new bid from Canada’s Brookfield Asset Management Inc (TSE:BAM.A), it announced on Tuesday.

Renova said in a statement that it is not aware of such an offer from the Canadian asset manager hours after Reuters published a report revealing the possibility. The news agency cited two informed sources as saying that Brookfield could raise its previous offer for the combined 64.4% voting stake in Renova held by Brazilian utility Cemig (BVMF:CMIG4) and its subsidiary Light SA (BVMF:LIGT3) to BRL 11.25 per unit from of BRL 9 apiece.

Such an offer would mean that Brookfield should pay some BRL 1 billion (USD 319m/EUR 267m) to take control, Reuters added.

Last week, Renova announced it has provided Brookfield with more time, until October 17, to carry out due diligence and negotiate a transaction.

(BRL 1.0 = USD 0.319/EUR 0.266)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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