The Australian bank was looking to acquire the Lousiana utility company, but Macquaries co-investors balked at the low returns of the potential acquisition, according to Bloomberg.
Spanish utility Iberdrola is reportedly no longer interested in acquiring Cleco. The two companies were reportedly close to striking a deal before Iberdola dropped out of the process.
Must Read: Warren Buffett's 25 Favorite Stocks
Cleco is expected to decide if it still wants to pursue a sale of stay independent, according to Bloomberg.
TheStreet Ratings team rates CLECO CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLECO CORP (CNL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: