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Alberta

Lake Louise RCMP respond to a possible drowning – Update 2

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Sept. 21, 2020

Lake Louise RCMP respond to a possible drowning – Update 2

Lake Louise, Alta. – On Sept. 20, 2020, a deceased adult male body was recovered by Rocky Mountain House RCMP and Alberta Conservation officers on a small remote island west of Abraham Lake.

RCMP have confirmed the deceased is the 23-year-old male from Calgary that fell into the North Saskatchewan River along Glacier Lake trail in Banff National Park and was swept away on July 25, 2020.

The name of the deceased will not be released and no further updates are anticipated.

Our thoughts continue to be with the family at this time.

Background:

July 28, 2020

Lake Louise RCMP respond to a possible drowning – Update

Lake Louise, Alta. – Today at 11:00 am MT, Parks Canada and Lake Louise RCMP will hold a joint teleconference to provide an update on the ongoing search and recovery operation on the North Saskatchewan River in Banff National Park.

A statement will be provided by the Parks Canada Incident Commander, followed by a question and answer period.

Background:

July 26, 2020

Lake Louise RCMP respond to a possible drowning

Lake Louise, Alta. – On July 25, 2020 at approximately 7:00 p.m., Lake Louise RCMP, along with Parks Canada and the Lake Louise Fire Department, responded to a report of an adult male that fell into the North Saskatchewan River along the Glacier Lake trail in Banff National Park and was swept away.

The male along with two others stopped for photos beside the river while hiking when the incident occurred.

The male has not been located. Parks Canada Visitor Safety specialists are working closely with the Lake Louise RCMP to conduct a search and rescue operation. The search operation has been ongoing since last night.

An update will be provided when more information is available.

Read more on Todayville.

Alberta

Brookfield Asset Management completes privatization of Brookfield Property partners

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CALGARY — Brookfield Asset Management Inc. says it has closed a deal to acquire the remaining stake in Brookfield Property Partners.

The previously announced deal to buy the stake in the firm it already owns will also take the real estate firm private. 

Under the deal, unitholders have a choice of US$18.17 in cash, 0.4006 of a Brookfield Asset Management class-A limited voting share or 0.7268 of a BPY preferred unit, with limits for each category.

Brookfield Property REIT Inc. says it is redeeming all of its outstanding 6.375% Series A cumulative redeemable preferred stock on Aug. 19 for $25 per share cash, plus all accumulated and unpaid dividends for total proceeds of more than $25.21.

The agreement was overwhelmingly approved on July 16 by Brookfield Property Partners minority unitholders.

Brookfield Property Partners owns or operates a wide variety of properties. including office buildings, shopping malls and other properties across the world.

This report by The Canadian Press was first published July 26, 2021.

Companies in this story:(TSX:BPY.UN, TSX:BAM.A)

The Canadian Press

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Alberta

Brookfield confident in offer for Inter Pipeline after Pembina terminates rival bid

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CALGARY — Brookfield Infrastructure Partners LLP said it’s confident its hostile bid for Calgary-based Inter Pipeline will be successful now that Pembina Pipeline Corp. has terminated its own rival offer.

Brookfield’s $16-billion offer is now “the sole transaction on the table” for Inter Pipeline shareholders and any delay in accepting it would not be in shareholders’ best interests, Brookfield spokeswoman Claire Holland said.

“We believe Inter Pipeline’s board made the right decision,” Holland said in an email. “This decision implicitly affirms the merits of our offer, which provides superior value, flexibility and certainty.”

Pembina announced Monday it had terminated its bid for Inter Pipeline after its board advised it would no longer recommend shareholders support the deal. Pembina will pocket a $350-million break fee as a result. 

The news came nearly two months after Inter Pipeline entered into a friendly $8.3-billion all-share deal with Pembina equal to $19.45 per share. The deal — which would have seen Inter Pipeline shareholders receive half a Pembina share for each Inter Pipeline share they hold — was struck in response to the hostile takeover bid from Brookfield that Inter Pipeline said undervalued its business.

Brookfield, Inter Pipeline’s largest shareholder, subsequently raised its cash and share takeover offer to $19.75 per share, up from its earlier proposal valued at $16.50 per share. It later revised the offer by giving shareholders the option to receive their entire payment in cash, instead of a mix of cash and shares, if they desire.

Brookfield again raised its offer in mid-July to $20 in cash or 0.25 of a Brookfield Infrastructure share for each Inter Pipeline share, with a cap on the number of shares that are available.

At least two prominent shareholder advisory firms, ISS and Glass Lewis, recommended that Inter Pipeline investors reject the company’s proposed sale to Pembina and instead support the takeover by Brookfield.

On Monday, Pembina CEO Mick Dilger said he was disappointed with the outcome.

“The industrial logic of a combined Pembina and Inter Pipeline remains unparalleled and the value creation between certain of our assets is impossible to replicate by any other entity,” he said in a news release.

Dilger said the company will continue to seek opportunities for growth through “focused acquisitions.” 

“Pembina remains optimistic about its future, including the profitability of our existing business given foreseeable sector tailwinds, as well as with tremendous flexibility to pursue an ever increasing and more diverse set of opportunities for growth, some of which we were able to highlight and advance during this process.”

Inter Pipeline said it is open to working with Brookfield to reach a “mutually agreeable transaction.” The Brookfield offer expires on Aug. 6.

Earlier this month, the Alberta Securities Commission ruled in favour of Inter Pipeline and Pembina in a decision that was critical of the tactics used by Brookfield Infrastructure in the takeover fight.

The securities regulator upheld a $350-million break fee that Brookfield had sought to have cancelled.

It said Brookfield Infrastructure used “abusive” tactics in its attempt to buy Inter Pipeline and ordered the company to provide additional disclosure related to total return swaps it holds that give it economic exposure to Inter Pipeline’s shares.

The regulator also raised the minimum tender conditions of the Brookfield Infrastructure offer to 55 per cent from a simple majority of the shares tendered by shareholders other than Brookfield and those acting in concert with it.

This report by The Canadian Press was first published July 26, 2021.

Companies in this story: (TSX:IPL, TSX:PPL, TSX:BIPC)

Amanda Stephenson, The Canadian Press

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