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Article: Duluth, Minn.-Based Allete to Issue Stocks for Cash.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- May 9, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Peter Passi, Duluth News-Tribune, Minn. Knight Ridder/Tribune Business News
May 9--Allete Inc. announced plans Tuesday to issue an additional 6 million shares of common stock by the end of this month -- a move it expects will raise $140 million to $150 million.
Dave Gartzke, Allete's chief financial officer, publicly disclosed the plan for the first time Tuesday at an annual shareholders' meeting at the Duluth Entertainment Convention Center.
Allete CEO Ed Russell said the share offering will provide the Duluth-based company with the cash it needs to pursue new business opportunities as they present themselves. Some of the money also ...
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...Duluth News-Tribune, Minn ... Duluth-based Allete Inc. announced Monday ... ultimately prompting Allete to kill the deal in March. Allete went back to the negotiation ... To see more of the Duluth News-Tribune, or to subscribe ...
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