Brascan Power has $1bln-$2bln budget for deals-CEO
Date: 23-Sep-04
Country: USA
"We are continuing to seek out acquisition opportunities on the power side," Harry Goldgut, the unit's CEO, said in an interview.
"Our first love is (hydroelectric generators), but we will also look at other technologies," Goldgut said.
Brascan is in the process of refocusing on its power generation and real estate businesses, recently selling off a stake in wood-panel maker Norbord Inc. (NBD.TO: Quote, Profile, Research) as well as examining offers for its 42 percent stake in miner Noranda Inc. (NRD.TO: Quote, Profile, Research)
In May, Brascan Power agreed to buy 71 hydroelectric power plants and a cogeneration plant in New York from Reliant Energy Inc. (RRI.N: Quote, Profile, Research) for $900 million in cash. Goldgut expects the deal to close in the next few weeks.
Shares of Brascan rose 3 Canadian cents to C$38.21 in early afternoon trading on the Toronto Stock Exchange this week.
