Canada’s Alberta unions are opposing Capital Power’s acquisition of power generation stations from the City of Edmonton which resulted in a June initial share sale of C$500m (US$463m), Bloomberg reported.
Capital Power had purchased Epcor’s power generation business through funds obtained from the sale of 21.8 million shares at C$23 ($21.37), claimed to be one of the Canada’s biggest IPOs.
On 3 July, an Alberta judge revoked the union’s demand to postpone the closing of the IPO, Capital Power said.
The Alberta Federation of Labour (AFL) and two key unions are planning to request that a provincial judge halt the sale of the facilities that had been owned by Epcor Utilities, the unions said.
AFL’s president Gil McGowan said that they are opposing the decision as city council had no legal authorisation to privatise Epcor’s electricity generation.