Allete explores sale option, shares gain

ALLETE

05/12/2023 20:21

** Shares of U.S. power utility and renewable energy
developer Allete Inc  ALE.N  rise 7% to $60.23
    ** ALE is exploring a sale of the company, people familiar
with the matter said on Tuesday
     ** Co's shares have lost 14% of their value this year,
compared with a 12% drop in the S&P Utilities index  .SPLRCU ,
as its pivot to renewable energy production weighed on 
profitability
    ** Up to Monday's close, stock had fallen 8% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))