Tuesday, November 3rd, 2009
TransAlta increase stake in Canadian Hydro Developers to 93.5 per cent
CALGARY - TransAlta Corp. (TSX:TA) said Tuesday that it has increased its stake in Canadian Hydro Developers Inc. (TSX:KHD) to 93.5 per cent and will now force the remaining outstanding shareholders to sell their shares.
TransAlta said it expects the compulsory acquisition of the remaining shares will be completed on Wednesday.
The company acquired control of Canadian Hydro Developers after agreeing to pay $5.25 per share in a deal that valued the alternative-energy company at about $755 million.
TransAlta operates electricity generation plants using a variety of energy sources, although it relies heavily on coal as a power source.
In acquiring Canadian Hydro, a Calgary generator of clean power, TransAlta is hoping to expand its alternative energy assets as it prepares for tougher new rules to curb industrial pollution.
