Regulators approve disputed $6.2B takeover of Minnesota Power by investment group

Minnesota regulators voted unanimously Friday to approve an investment group's takeover of a power company over the objections of the state attorney general, big industrial electricity buyers and consumer advocates. In voting for the takeover of Duluth-based Minnesota, the five members of the Minnesota Public Utilities Commission said they believe the conditions imposed on the deal will protect the public interest and shield customers from rate increases. Opponents warned that the private equity group is only interested in squeezing bigger profits from regular ratepayers.