STEVE KARNOWSKI and MARC LEVY.

Minnesota regulators have approved the takeover of Minnesota Power by an investment group, despite opposition from the state attorney general and consumer advocates. The Minnesota Public Utilities Commission voted unanimously Friday, saying conditions on the deal will protect the public interest and shield customers from rate increases. The buyout involves a BlackRock subsidiary and the Canada Pension Plan Investment Board taking over Allete, Minnesota Power’s parent company. The deal is valued at $6.2 billion. Opponents fear this could lead to higher bills and less accountability. Supporters argue the capital infusion will help meet the state’s carbon-free energy goals by 2040.