By Denny Jacob
Brookfield Asset Administration Inc. on Friday stated it will spin off its asset management small business to shareholders at a ratio of 1 share of the seperated small business for every single 4 Class A shares.
The Toronto investment decision firm will be renamed Brookfield Corp. and trade under the new ticker image BN straight away right after the spin off, the enterprise stated. Shares are predicted to commence trading on Dec. 12, Brookfield claimed. The spin off small business will think the ticker BAM and title Brookfield Asset Management, the company stated.
Chief Government Bruce Flatt in a letter to traders in May explained Brookfield programs to established up its asset administration business enterprise as a individual organization and distribute a 25% desire truly worth an estimated $20 billion to shareholders. This will generate a separately mentioned, pure-engage in investment organization with an estimated industry value of about $80 billion, the letter claimed. The distribution by Brookfield will be valued at about $12 a share and will be tax-absolutely free for U.S. and Canadian buyers.
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(Close) Dow Jones Newswires
December 02, 2022 18:03 ET (23:03 GMT)
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