Power giant AGL is facing significant investor doubts about its proposed demerger and is being urged to re-engage with tech billionaire Mike Cannon-Brookes and Canada’s Brookfield over their takeover offer.
For the AGL board it was a decision based on shareholder value and history will judge whether the company played it well.
Tech billionaire Mike Cannon-Brookes said he is walking away from a plan to buy energy giant AGL after the board rejected a sweetened offer.
Investors have been privately pushing AGL’s board to speed up its exit from coal for more than a year before Mike Cannon-Brookes’ takeover offer.
Mike Cannon-Brookes is one of the 100 richest people globally,and he wants to speed up Australia’s transition to renewables. But is big money the answer?
Mike Cannon-Brookes’ audacious bid to takeover AGL signals the next,more aggressive,chapter in the evolution of activist investing.
Victoria’s energy market holds the key to Brookfield and Mike Cannon-Brookes’ $8 billion bid for AGL going ahead,says ACCC chairman Rod Sims.
AGL has rejected Mike Cannon-Brookes’ claim he can shut its coal plants without price shocks,and warns investors are “unimpressed” with his buyout offer.
For years Mike Cannon-Brookes has made his frustration at Australia’s lumbering climate politics and lack of meaningful action abundantly clear. Now he has acted.
The combined capital firepower of Brookfield and tech billionaire Mike Cannon-Brookes is huge - enough to swallow the 180-year-old AGL several times over.
Billionaire Mike Cannon-Brookes has hit back after the Prime Minister warned coal plant closures could lead to higher energy bills.