Newspaper article The Canadian Press

TransAlta Stock Rises after U.S. Activist Investor Group Demands Change

Newspaper article The Canadian Press

TransAlta Stock Rises after U.S. Activist Investor Group Demands Change

Article excerpt

TransAlta stock up as U.S. group buys stake

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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.

Dallas-based Cove Key Bluescape Holdings announced late Friday it had bought 50,000 TransAlta shares to take its total ownership to 8.1 million, about 2.86 per cent of the outstanding stock.

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 Bluescape executive chairman Charles John Wilder, Jr. …

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