Shares up more than five per cent
CALGARY — Shares in power utility TransAlta Corp. rose by more than five per cent Monday after a U.S. investment partnership revealed it has acquired a 10-per-cent stake and will be demanding board representation.
It says it has an agreement with Bluescape Energy Partners, and Mangrove Partners, a New York-based investment manager, to use their combined 10 per cent stake to press for changes that will increase the value of the Calgary utility’s shares. It says shareholder value can be improved through operational and cost efficiency, asset optimization, capital allocation and broader strategic initiatives.
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