Power Financial, Great-West Lifeco to buy back shares

|About: Great-West Lifeco, Inc. (GWLOF)|By:, SA News Editor

Power Financial (OTCPK:POFNFgains 1.9% after announcing a plan to repurchase for cancellation as much as C$1.65B (US$1.24B) of its common shares through a modified Dutch auction.

Meanwhile Great-West Lifeco (OTC:GWLOF), a subsidiary of Power Financial, plans to conduct a substantial issuer bid for up to C$2B of its common shares.

Power Financial plans to participate in the Great-West offer by tendering a significant portion of its Great-West shares; as a result Power Financial expects its Great-West stake to be marginally reduced.

Previously: Great-West Lifeco to sell unit in $1.2B deal (Jan. 24)

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