12:30 PM EDT, 07/16/2025 (MT Newswires) -- Allete's ( ALE ) proposed acquisition by a partnership led by the Canada Pension Plan Investment Board and Global Infrastructure Partners doesn't meet Minnesota's public interest standard, Administrative Law Judge Megan McKenzie said Tuesday, according to a court document.

McKenzie recommended that the Minnesota Public Utilities Commission reject the petitioners' request for approval and directed Allete's ( ALE ) utility subsidiary, Minnesota Power, to disclose all costs tied to negotiating and seeking approval for the transaction, including employee time.

"Absent any speculation, what is presently known through the documentary evidence shows this transaction carries real and significant costs and risks to Minnesota ratepayers and few, if any, benefits," the judge wrote.

"We strongly disagree with the conclusions in this nonbinding recommendation," Allete ( ALE ) said Tuesday in a statement. The judge's report "mischaracterizes the parties, their agreements and plans, and the benefits and risks of the acquisition," the company said.

The report overlooks a recent settlement with the Minnesota Department of Commerce, "which would deliver immediate and significant customer benefits," Allete ( ALE ) said.

"The Minnesota Public Utilities Commission will make a final determination on the acquisition in the coming months," Allete ( ALE ) said.

Allete ( ALE ) agreed to be acquired in May 2024 for $6.2 billion, including debt.

The Canada Pension Plan Investment Board and Global Infrastructure Partners didn't immediately reply to requests for comments from MT Newswires.

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