Taking a Position...........Bending Over
Brookfield could well be involved with high yield bond financing.
Who is looking after who’s assets
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Globe says Teck to add board member Cockwell
2009-04-21 07:05 ET - In the News
Also In the News (C-BAM) Brookfield Asset Management Inc
The Globe and Mail reports in its Tuesday edition that those who doubt the long-term prospects of mining company Teck Cominco should have a chat with Jack Cockwell. The Globe's Andrew Willis, writing in Streetwise, says Mr. Cockwell is up for election to the board at Teck. At 68, he is chairman at Brookfield Asset Management. Mr. Willis calls Mr. Cockwell the sage of Brookfield Place. He has unmatched financing and corporate strategy skills, earned during a career that has included many wins, and more than a few hard-fought deals and stare-downs with lenders.
If shareholders give their approval, Teck will become one of the few outside director assignments that Mr. Cockwell has ever accepted. His decision to join Teck's board reflects the respect that comes with a three-decade relationship with chairman and controlling shareholder Norman Keevil. Brookfield, an $80-billion conglomerate, has cut loose what were once extensive resource company holdings.
Mr. Cockwell's arrival should be seen as a vote of faith in its refinancing, as no director is going to knowingly step on to the board of a sinking ship. Teck's stock price indicates an increasing number of investors share Mr. Cockwell's faith.