The Globe and Mail reports in its Friday edition that the reluctance of Renova Energia SA's largest shareholder to give up management of the debt-laden Brazilian renewable power firm threatens to derail takeover talks with Brookfield Asset Management. A Reuters dispatch to The Globe says that Power utility Cia Energetica (Cemig) wants to be part of a Brookfield-led turnaround of Renova. Cemig owns 34.2 per cent. That stance could sink Brookfield's proposed 1.6-billion-real ($634-million) cash offer for the utility. Cemig plans to first sound out interest from Oaktree Capital Management LP and two other unidentified funds in Renova. Brookfield wants the combined 63.5 per cent that Cemig, Light SA and RR Participacoes SA have in Renova for 810 million reais. Brookfield would then pump 800 million reais into Renova to win full management rights. Snubbing Brookfield is "risky for Renova since it faces a heavy repayment calendar and a fragile cash position," said a source. Renova has struggled with a severe cash crunch over the past few years. Financing conditions for Renova worsened significantly when a partnership with SunEdison collapsed weeks before the latter filed for bankruptcy protection.