Brookfield to continue share buybacks if discount persists
BNN Bloomberg
Brookfield Corp. Chief Executive Officer Bruce Flatt said the Toronto-based alternative asset manager will consider accelerating share buybacks if the company’s stock continues trading well below the firm’s estimate of its real value.
“We expect to continue to use our cash resources to repurchase shares in the market. If the discount persists, we will also consider other options, including a tender offer,” Flatt said in a letter to shareholders Thursday.
The company returned US$15 billion to shareholders last year, including roughly US$700 million in open-market share repurchases, it reported in an earnings release on Thursday.
Brookfield Corp.’s net income fell to US$44 million in the fourth quarter from around US$3.5 billion a year earlier — lower than the $919 million average estimate from analysts surveyed by Bloomberg.
