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Ontario defends Hydro One board replacement after Avista deal rejected [Toronto Globe and Mail (Ontario, Canada)]

Avista Corp (AVA)  More Company Research Source: Toronto Globe and Mail
Last avista corp earnings: 2/8 07:05 am Check Earnings Report
US:NYSE Investor Relations: investor.avistacorp.com/investor-overview
PDF Open this photo in gallery Power lines run out of the Hydro One Claireville Transfer Station in Vaughan, On. on Mar. 9, 2015. Tim Fraser/Globe and Mail Ontario’s Conservative government defended its decision to replace the board and top executive of Hydro One Ltd., after the State of Washington cited political interference as it turned down a $4.4-billion acquisition by the company. The decision by the state’s utilities regulator to say no to Hydro One’s proposed acquisition of Avista Corp. puts the deal in serious peril and throws its growth strategy into disarray. Without the state’s blessing, the deal cannot proceed, although Hydro One and Avista can appeal the decision. If the acquisition dies, Hydro One, which is 47-per-cent owned by the provincial government, will be on the hook for a US$103-million termination fee to Avista. It has already spent tens of millions of dollars on legal and banking fees as part of the acquisition. Hyd [Read more]

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