Subject: BRE bids for AEL
as mostly predicted by Alex Steinberg on SA, brookfield would have to cough up to scale up the role of insurance assets in its investment model. (so far, only apollo has started to come close to making this model succeed like berkshire. berkshire keeps growing it, e.g. Allegheny acq)

to simplify :
AEL boosts AUM at BAM
BAM fees increase and flow to BN
BN loses ownership % in BAM, as BAM issues shares at a 35% premium to AEL shares

net gain to BN ?????