Land developer and homebuilder Brookfield Homes Corp. (BHS) Friday said it intends to commence discussions with Brookfield Properties Corp. (BPO, BPO.TO) regarding a possible merger that would result in the combination of Brookfield Homes with Carma Developers, the North American residential land and housing division of Brookfield Properties with operations principally in Alberta, Colorado and Texas.
Brookfield Homes believes that the merger, if completed, would enhance the value of Brookfield Homes and Carma through the creation of a diversified North American residential land and housing company.
In addition, Brookfield Asset Management Inc., which beneficially owns around 82% of Brookfield Homes and 51% of Brookfield Properties, has indicated to Brookfield Homes that it is supportive of commencing such merger discussions.
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