AGL Energy scrapped its demerger plan on May 30 after facing strong opposition from its largest shareholder–tech billionaire Mike Cannon-Brookes.
In its latest statement, the company said that it was unlikely for the demerger proposal to get the necessary support from three-quarters of the shareholders for the proposition at the June 15 shareholder meeting.
“While the board believed the demerger proposal offered the best way forward for AGL Energy and its shareholders, we have made the decision to withdraw it,” AGL Energy Board Chair Peter Botten said.
AGL also disclosed that it had spent about $160 million (US$115 million) of the demerger plan’s total estimated cost of $260 million….