TransAlta Corp. says Mangrove Partners has withdrawn an application to the Alberta Securities Commission for a hearing related to an investment deal with Brookfield Renewable Partners.
Mangrove had sought a joint hearing with the Alberta regulator and the Ontario Securities Commission regarding its desire for a shareholder vote on the Brookfield transaction.
However, TransAlta says the Ontario regulator declined to assert jurisdiction, leaving the matter in the hands of the Alberta Securities Commission.
Brookfield Renewable Partners and its institutional partners have signed a deal to invest $750-million in TransAlta’s hydro assets. Brookfield will also purchase shares to increase its stake in TransAlta to nine per cent.
Mangrove Partners and Bluescape Energy Partners, who together hold about a 10 per cent stake in TransAlta, had asked the regulators to force a delay in the company’s April 26 annual meeting until at least June 1.
The U.S. investors argued the Brookfield deal was “rushed” and prevented TransAlta from looking at potential better options.
