Emera Inc.(EMRAF)- OTCPK - Current
  • Thu, Feb. 25, 9:14 AM
    • Cleco (NYSE:CNL) -2.7% premarket, on top of yesterday's 9.4% plunge, after Louisiana's Public Service Commission rejected a $4.9B proposed takeover by a Macquarie-led (OTC:MCQEF) investor group, saying the deal was not in the best interest of customers.
    • Among their objections, commissioners cited the purchase by Australian and Canadian investors who planned to sell the utility in 8-10 years, and the “double leverage” method of financing the transaction that left open the possibility that CNL customers could be on the hook for the debt.
    • The rejection comes as foreign buyers including Fortis (OTCPK:FRTSF) and Emera (OTCPK:EMRAF) are seeking approval to take over U.S. power companies, and the CNL ruling may hurt the chances of future acquisitions by non-U.S. companies.
    • Shares are downgraded to Sell from Neutral at Ladenburg Thalmann on the news.
    | Thu, Feb. 25, 9:14 AM | 10 Comments
  • Sep. 4, 2015, 5:14 PM
    • TECO Energy (NYSE:TE) +24.1% AH after agreeing to be acquired by Canada-based energy company Emera (OTCPK:EMRAF) in a $10.4B deal, including $3.9B of debt.
    • The $27.55/share price is a 30% premium over today's closing price and a 48% premium based on TE's unaffected closing stock price on July 15, the last trading day prior to news reports regarding the company's strategic review.
    • The companies say the merger creates a North American energy leader with more than $20B of assets and more than 2.4M electric and gas customers.
    | Sep. 4, 2015, 5:14 PM | 18 Comments
Company Description
Emera's core business is electricity. We are an energy and services company with $7.53 billion in assets and 2012 revenues of $2.1 billion. We invest in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Our strategic energy services... More
Sector: Financial
Industry: Money Center Banks
Country: Canada