Minnesota power regulators on Friday approved a $6.2 billion plan for a BlackRock unit and Canada Pension Plan to buy utility Allete, parent of Minnesota Power, saying recent modifications by the parties should address concerns about rates and clean-power investments.
The outcome of a meeting of the Minnesota Public Utility Commission, which was webcast, may reassure investors that BlackRock will be able to address regulatory and antitrust concerns as its Global Infrastructure Partners unit, which it bought last year, presses to buy other utilities.
(Reporting by Ross Kerber)
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