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Cleco Corporation (CNL)

  • Oct. 20, 2014, 9:21 AM
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  • Sep. 25, 2014, 11:33 AM
    • Cleco's (CNL -9.1%) attempt to find a buyer is faltering, as the likeliest suitor for the Louisiana utility struggles to drum up investor backing for the deal, according to a Bloomberg report.
    • Australian bank Macquarie (OTC:MCQEF) reportedly has been seeking to acquire CNL through a special purpose fund managed by its infrastructure group, but the fund's co-investors have balked at the prospective low returns, a result of CNL's already high share price and low growth prospects.
    • Iberdrola (OTCPK:IBDRY) is said to have dropped out of the bidding; an earlier report indicated CNL had been close to a deal to sell itself to the Spanish utility.
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  • Jun. 19, 2014, 9:38 AM
    • Cleco (CNL +5.9%) surges higher at the open as the Louisiana-based utility reportedly has retained Goldman Sachs to advise on a sale and will kick off the process later this week.
    • CNL, with a $4.4B enterprise value, is said to have received an unsolicited bid from Canadian infrastructure group Borealis Infrastructure, and the board then voted to launch a process.
    • CNL apparently is seeking $61-$62/share in a deal.
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  • May. 29, 2013, 2:41 PM
    Small and mid-cap regulated utilities with high dividend yields are trading slightly lower as investors rotate positions on rising treasury yields: CNL -1.7%, EE -2.1%, GXP -1.7%, PNW -2.4%, POR -2.5%, SCG -1.9%, NVE -2.8%, WEC -2.5%, WR -2.6%, AWK -1.7%.
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Company Description
Cleco Corp is a public utility holding company that owns a vertically integrated electric utility, Cleco Power, which is engaged in the generation, transmission, distribution and sale of electricity in Louisiana.
Sector: Utilities
Country: United States