Algonquin Power gains amid report activist Corvex amassed stake
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Algonquin Power (NYSE:AQN) rose 1.7% amid a report that activist investor Corvex Management has built a stake in the Canadian power company.
Corvex, led by Keith Meister, met with Algonquin's management for the first time last week, according to a Reuters report on Friday, which cited people familiar. The meeting was characterized as being friendly.

The size of the Corvex stake and its intentions for the company moving forward weren't known, according to the report.
The news comes after Bloomberg reported a week ago that Algonquin (AQN) had attracted activist investor Starboard Value, which has held amicable discussions with the utility for weeks.

The activist interest in Algonquin (AQN) comes after the utility said April 17 it was terminating a planned purchase of Kentucky utilities from American Electric Power (AEP) after the Federal Energy Regulatory Commission rejected the deal.

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