Avista Corp. fell the most in 16 years after Washington state regulators rejected the U.S. utility’s $3.4 billion takeover by Canada’s Hydro One Ltd., citing political risks in Ontario.
Regulators said in a statement Wednesday that the deal isn’t in the public interest when Hydro One is subject to “political considerations” from provincial leaders who may not have the company’s well being in mind. The sale can’t proceed without approval from Washington regulators.
