Canada’s TransAlta Rises After Activists Seek Changes at Utility
- Mangrove, Bluescape Energy pursue talks with Canadian company
- Any action could be focused on hydro assets: Credit Suisse
Photographer: Steve Hockstein/Bloomberg
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TransAlta Corp. jumped Monday after a pair of activist investors said they planned to push for changes at the Canadian power producer, including potential board changes.
Mangrove Partners and C. John Wilder’s Bluescape Energy Partners disclosed their 10 percent stake in the company late Friday. They said in a filing they intend to meet with TransAlta’s management and directors to discuss ways it can enhance value, including through improved operations, potential changes to the board, and possible acquisitions or sales of assets. The shares rose as much as 7.7 percent in Toronto trading.