Change in Trust taxation rules triggers sale of TransAlta Power, L.P.

TransAlta Power spokesman Michael Lawrence said the Cheung Kong deal was the best available for the unitholders after Ottawa's move to impose corporate tax rates on flow-through investment vehicles like TransAlta Power LP "required that we find an alternative business model, as that structure wouldn't be sustainable." Source: The Toronto Star

---

TransAlta Power, L.P. agrees to be acquired

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) - TransAlta Power, L.P. (TransAlta Power) (TSX:TPW.UN) today announced it has entered into a support agreement (the Support Agreement) with Cheung Kong Infrastructure Holdings Limited (CKI), pursuant to which CKI has agreed to offer $8.38 in cash per unit (the Offer) to acquire all of the outstanding units of TransAlta Power. The purchase price under the Offer represents a 15.7 per cent premium over the closing trading price of the units on the TSX on October 12, 2007, the last trading day immediately prior to this announcement. The all-cash transaction is valued at approximately $629 million, excluding debt. Under certain circumstances, TransAlta Power has agreed to pay a non-completion fee of $17 million to CKI.

read the complete news release.