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PG&E in Deal With Bluemountain Appoints New Independent Director

(Reuters) California utility owner PG&E Corp said on Monday it agreed to a deal with BlueMountain Capital Management LLC to appoint a new independent director and a safety adviser, resolving a months-long battle with the activist shareholder. BlueMountain, a New York-based hedge fund, in March selected 13 candidates it hoped to install as directors at PG&E’s board after slamming the embattled power utility for seeking bankruptcy protection.

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