TransAlta claims win against activist, says it has investor votes to elect board GlobeBusiness
TransAlta has declared a victory in an important battle against activist investors, saying it has secured enough votes from shareholders to elect its slate of candidates to the company’s board.
The Brookfield deal, announced in late March, was to jump-start that process, with the money earmarked for debt reduction and a share buyback, in addition to more spending on renewables. Two top Brookfield executives, Harry Goldgut and Richard Legault, are to join the TransAlta board as part of the deal.
Before filing the claim, Mangrove was allied with Bluescape Energy Partners, and together they controlled more than 10 per cent of TransAlta’s outstanding shares. However, they are no longer acting jointly, said Mangrove, which owns 7.1 per cent of TansAlta on its own. Brookfield said it will buy more shares until its ownership rises to 9 per cent, up from nearly 5 per cent currently. TransAlta is also nominating Robert Flexon, former CEO of U.S. power producer Dynegy Inc., as a director.
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