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Info About BlackRock and the Purchase of MN Power

What Happened?

On October 3 the Minnesota Public Utilities Commission unanimously approved the sale of ALLETE (the parent company of MN Power) to BlackRock and the Canada Pension Plan Investment Board.  BlackRock will own 60% of MN Power and Canada Pension Plan Investment Board will own the remaining 40%.  This decision was made “despite concerns by environmental and consumer groups, the state Attorney General’s Office, and an independent judge who scrutinized the proposal,” write Dan Kraker, NPR, Oct. 3.

BlackRock Is . . .

The largest asset manager in the world.  They control over 10 trillion dollars in assets across the globe.  In addition to major asset management, BlackRock is one of the largest shadow banks in the world.  A shadow bank is a banking system that falls outside  traditional banking regulations.  Shadow banking comes with many risks including major lack of transparency and regulations, hidden leverage, and a system risk of financial instability.  Shadow banks played a key role in the stock market crash and global economic crisis of 2008.

Where Does BlackRock Put Its Money?

Because BlackRock has such a giant asset base, they have tremendous voting power in many publicly traded companies.  With their major funds, BlackRock is able to purchase numerous shares in public companies, establishing themselves as the top stakeholder.  This shareholder power gives BlackRock a big voice and say in many big companies.  BlackRock has significant ties to many fortune 500 companies including Lockheed Martin, Apple, Tesla, Microsoft and Amazon.  These companies are known to make troubling choices that negatively impact the environment, human rights, and the economy.  An example of this can be seen with Lockheed Martin, the largest weapons manufacturer in the world.  Lockheed Martin has been involved in sending over 2,000 hellfire missiles to Israel to be used in Gaza.

Why Is This Decision Bad?

Through this purchase BlackRock is converting ALLETE from public ownership to private ownership.  Publicly owned companies are held to a higher standard of transparency with the public through strict government regulation.  Privately owned companies are not held to this same standard and aren’t held accountable to communicate their actions with the public.  BlackRock’s ownership of MN Power and ALLETE creates a major lack of transparency in regard to company action.  This paves the way for increased utility rates and reduced environmental protections with no room for us – the ones affected – to have a say.  With this upsetting situation it’s imperative to understand that companies like BlackRock do not care about us, they care about money.

>> The text of this article is from a leaflet put together by the Action Club of Harbor City International School that was handed out at their Oct. 9, 2025 rally in downtown Duluth. 

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