00:57:02 EDT Fri 29 Mar 2024
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or Name
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Brookfield Asset Management Inc
Symbol BAM
Shares Issued 987,501,207
Close 2016-12-22 C$ 44.59
Market Cap C$ 44,032,678,820
Recent Sedar Documents

Globe/wire say Brookfield Asset nears pipeline deal

2016-12-22 08:25 ET - In the News

The Globe and Mail reports in its Thursday edition that Brazilian construction conglomerate Odebrecht SA is in advanced talks on selling its majority share of a $5-billion (U.S.) natural-gas pipeline project in Peru to Brookfield Asset Management. A Reuters dispatch to The Globe says the news was announced by Peru's Finance Minister in a televised interview. The two companies and the government of Peruvian President Pedro Pablo Kuczynski reached an agreement on Friday, Alfredo Thorne said. "We're about to close" the deal, Mr. Thorne told local journalist Jaime de Althaus late Tuesday. Mr. Thorne believes that construction will begin early next year. Techint Group would also join the pipeline project as a junior partner and would be tasked with pipeline construction. Mr. Thorne said Brookfield agreed to keep an anti-corruption clause in the pipeline contract, a condition that the government has been firm on but which had been a deal breaker for U.S.-based Sempra Energy in acquisition talks that collapsed last month. Sempra has said the clause would allow Peru to seize the project if Odebrecht were found to have broken any laws. The government said it is part of any public-works contract.

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