TransAlta shareholders elect slate of directors despite activist complaints

TransAlta shareholders elect slate of directors despite activist complaints

CALGARY — Power utility TransAlta Corp. shareholders shrugged off the interventions of a U.S. activist investor and elected the company’s preferred slate of directors at its annual meeting.

All 12 recommended directors were endorsed by shareholders, including Harry Goldgut and Richard Legault, nominees put forward by Brookfield Renewable Partners whose election was a condition of its $750-million partnership deal with TransAlta.

New York-based Mangrove Partners launched a lawsuit in Ontario earlier this week to try to derail the deal, after it filed and then withdrew a request for the Alberta Securities Commission to delay the annual meeting and require a separate vote on the partnership.

Mangrove claims the deal was rushed, failed to properly consider other options and puts the interests of the board ahead of the interests of the shareholders.

TransAlta CEO Dawn Farrell has defended the Brookfield deal as good for shareholders and insisted the company thoroughly investigated other options before signing.

Mangrove and an entity controlled by Bluescape Energy Partners had agreed to join forces to employ their combined 10.1 per cent ownership of TransAlta to force change but then ended the partnership. Mangrove says it owns about 7.1 per cent.

TransAlta has said it plans to spend $350 million of the Brookfield investment to speed its coal-to-gas power generation transition strategy in Alberta and will use up to $250 million to buy back shares over three years.

Companies in this story: (TSX:TA, TSX:BEP.UN)

The Canadian Press

Just Posted

Crews fight fire with fire to keep blaze from northern Alberta town

HIGH LEVEL, Alta. — A fire-threatened town in northern Alberta says a… Continue reading

India’s ruling party claims win with assured lead in votes

NEW DELHI — Indian Prime Minister Narendra Modi’s party claimed it had… Continue reading

China says door open to trade talks, but slams tech controls

BEIJING — China held the door open to resuming talks in the… Continue reading

Clean energy one of Canada’s fastest-growing industries

OTTAWA — Canada’s clean-energy sector is growing faster than the economy as… Continue reading

Red Deer’s single parents and children at greatest risk of poverty, says report

Yet almost half of local low-income families are people living alone

Dogs and drugs don’t mix: Red Deer business wants to leave downtown after 18 years

One business owner is done with downtown Red Deer after 18 years.… Continue reading

Cast your votes for the Best of Red Deer

Nominations for the Best of Red Deer Readers’ Choice Awards are officially… Continue reading

Canada’s Rebecca Marino drops second-round French Open qualifying match

PARIS — Canada’s Rebecca Marino fell just short in a second-round qualifying… Continue reading

Jiménez hits 2 HR, White Sox turn triple play to beat Astros

HOUSTON — The Chicago White Sox used a rare combination to beat… Continue reading

Acclaimed writer Casey Plett wins $60K First Novel Award for ‘Little Fish’

TORONTO — Casey Plett has won the Amazon Canada First Novel Award… Continue reading

Nik Wallenda and sister plan highwire walk over Times Square

NEW YORK — For his next trick, daredevil Nik Wallenda plans to… Continue reading

Gardening: Adding a new dimension with water

A water feature, large or small, adds a whole new dimension to… Continue reading

Alberta throne speech promises changes to expand economy, end carbon tax

EDMONTON — The new Alberta government has set its first legislature sitting… Continue reading

Wider fire bans, off-highway vehicle restrictions in northern Alberta

The fire ban prohibiting campfires and unauthorized burning, and restricting the use… Continue reading

Most Read