Australian power generator AGL rejects an offer of $ 5.8 billion

CANBERRA – AGL Energy has turned down 8 billion Australian dollars (5.8 billion dollars) for the takeover of Australian technology billionaire Mike Cannon-Brooks and Canadian investment firm Brookfield, who want to speed up the transition of Australia’s largest electricity generator from electricity.

Software founders Atlassian and Brookfield made a preliminary and optional offer of A $ 7.50 ($ 5.39) per share on Saturday, AGL reported on Monday.

A statement from the target board said that the proposal “significantly lowers the company’s price when changing control and is not in the interests of AGL Energy shareholders.”

Cannon-Brooks said he would continue talks with the AGL board.

“Look, it’s obviously a disappointment,” said Cannon-Brooks Australian Broadcasting Corp.

“We have been trying to work with the board over the weekend and we will continue to move forward,” he added.

Federal Energy Minister Angus Taylor said energy companies, as providers of basic services, are obliged to put consumers first.


“The key to that is balance,” Taylor said.

Australia’s clean energy regulator said the AGL is the country’s largest greenhouse gas pollutant, accounting for 8% of the country’s total emissions.

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