One of Australia’s largest energy providers, AGL Energy, has rejected a second bid from tech billionaire Mike Cannon-Brookes to buy out the firm and speed up decarbonisation efforts. Cannon-Brookes, co-founder of NASDAQ-listed Atlassian, has been a vocal advocate for renewable energy development in Australia and on March 6, wrote on Twitter that he, along with the Brookfield-Grok consortium, would be “putting our pens down.” “Our path was the world’s biggest decarbonisation project. From Aus,” he wrote. “The board are proceeding with their demerger path. This path is a terrible outcome for shareholders, taxpayers, customers, Australia, and the planet we all share.” The consortium had lifted its offer from an initial $7.50 to $8.25 per share, worth around AU$9 billion plus debt—up from the $8 billion a week previously. AGL Energy Chair Peter Botten said the bid was still undervalued. “It also ignores the momentum we have recently seen in the …
Second Attempted Takeover of Australian Energy Giant by Green Investors Fails
March 7, 2022
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AGL EnergyAustraliaBusiness & EconomyCampbell NewmanCompaniesInternationalMike Cannon-BrookesRenewable EnergySteve BaxterWorld
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