Emera cuts its AQN holdings

Article Excerpt

ALGONQUIN POWER & UTILITIES CORP. $11.64 (Toronto symbol AQN; Shares o/s: 256.2 million; Market cap: $3.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.7%; www.algonquinpower.com) saw Emera Inc. (Toronto symbol EMA) sell 50.1 million shares in the company at $10.85 each. That represents a 75% cut to Emera’s holdings in Algonquin, from 19.3% of outstanding shares to 4.9%. Emera is a recommendation of The Successful Investor, our conservative growth advisory. Proceeds of the sale—$544 million—will help Emera pay for its $10.4 billion U.S. purchase of Teco Energy. Meanwhile, it plans to keep a seat on Algonquin’s board and may participate in future share issues. Algonquin remains a buy. buy…

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