A man wearing a baseball cap and talking into a microphone

AGL’s main shareholder wants to help you reduce the cost of your electricity bills

AGL’s main shareholder, billionaire businessman Mike Cannon-Brookes, has not ruled out attempting a new takeover bid for the energy giant.

He also said the company’s transition away from coal-fired power generation must happen faster than expected if the country’s electricity supply is to be more stable and prices are to come down.

On Monday, AGL Energy has abandoned plans to spin off its coal-based generation businessclaiming there was insufficient shareholder support to meet the 75% approval threshold needed for the split to go ahead in June.

The decision came amid continued opposition from major investors, including Cannon-Brookes’ private investment firm Grok Ventures.

Some have speculated that Mr Cannon-Brookes campaigned to have the split blocked so he could return with a takeover bid at a lower price.

Earlier this year, AGL Energy rejected an $8 billion takeover bid from Cannon-Brookes and Canadian asset manager Brookfield to accelerate the shutdown of AGL’s major coal-fired power plants.

AGL’s board has pledged to close its Bayswater power station in 2035 and Loy Yang power station in 2045.(ABC News: Michael Barnett)

Speaking to ABC’s The Business, Mr Cannon-Brookes said his mission was never to lower the price of a potential takeover, but also did not rule out attempting a another chance.

“We are fully focused on splitting up and then renewing and rebuilding the board. [the] company.”

Job , updated

#AGLs #main #shareholder #reduce #cost #electricity #bills

Leave a Comment

Your email address will not be published. Required fields are marked *