The Globe and Mail reports in its Wednesday edition that Alberta-based energy producer TransAlta plans to acquire the outstanding common shares it does not already own of TransAlta Renewables in a cash-and-equity deal valued at $1.38-billion. The Globe's Ana Pereira writes that TransAlta Renewables' shareholders can opt for 1.0337 shares of TransAlta or $13 in cash for each share outstanding, representing an 18.3-per-cent premium based on the closing price of Renewables shares in Toronto on Monday. TransAlta is restricting the number of shares it will issue to 46 million, while the maximum cash available is $800-million. TransAlta spun out a portion of its renewables division -- which generates electricity from wind, hydro and solar plants -- in an initial public offering in 2013, but retained a 60-per-cent share of the company. At the time of the IPO, each share of Renewables was valued at $10, raising $200-million. The spinoff was meant to cover the costs of the transition out of coal-fired power plants. TransAlta said its decision to buy back the minority stake will align strategies between the two companies, diversify assets and help sustain quarterly dividends for shareholders.