The statement by the mayor came as a response to the report published on Saturday by Reuters that said Ontario’s Hydro One was in talks to buy Toronto Hydro for $3-billion, citing anonymous sources. According to the report, the negotiations have been going on for months but it never entered the final stages and so it could all fall apart. Whereas on the other hand, the council approved Mr. Tory’s plans last year to avoid any sell-off of Toronto Hydro and rather reinvest city funds in the utility to help it refurbish its electricity grid, after months of speculation that Mr. Tory was interested in a sale.
Even if there were any talks, the deal to sell Toronto Hydro would need to get through city council, where the majority opposes such any sell-off. The report by Reuters claimed that a deal to buy Toronto Hydro could also help Hydro One’s growth ambitions as a public company after it raised $1.8-billion in one of Canada’s biggest IPOs in 2015.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.