TransAlta Power L.P. $8.38 – Toronto symbol TPW.UN

TRANSALTA POWER, L.P. $8.38 (Toronto symbol TPW.UN; SI Rating: Extra risk) is now the subject of a friendly $8.38 per unit takeover offer from Hong Kong-based Cheung Kong Infrastructure Holdings Limited. TransAlta Corp. has no direct interest in TransAlta Power. However, TransAlta Power owns 49.99% of five gas-fired power plants in Ontario, Saskatchewan and Alberta. TransAlta owns the remaining 50.01%, and runs the plants. The takeover offer is still positive news for TransAlta Corp., since TransAlta Power’s new owner may eventually offer to buy TransAlta’s controlling stake in these plants. TransAlta Power’s board has recommended acceptance of Cheung Kong’s offer. The units are trading at the offering price, so it’s unlikely a competing bid will emerge. TransAlta unitholders should tender to Cheung Kong’s offer.

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