AGL will be left to pursue its demerger, ‘a terrible outcome for shareholders, taxpayers, customers, Australia and the planet’, Mike Cannon-Brookes tweeted.
Mike Cannon-Brookes says he and takeover partner Canada’s Brookfield are “putting our pens down - with great sadness” on their bid proposal for AGL Energy afterDescribing the takeover proposal as “the world’s biggest decarbonisation project”, the tech billionaire tweeted late Sunday that the AGL board was proceeding with its proposed demerger, describing that path as “a terrible outcome for shareholders, taxpayers, customers, Australia and the planet we all share”.
Under the plan by Brookfield and Mr Cannon-Brookes’ Grok Ventures, they wanted to buy AGL and close down its coal-fired power plants much earlier than AGL currently plans, making the country’s biggest greenhouse gas emitter carbon neutral by 2035. Mr Cannon-Brookes pointed out in a series of tweets that the latest offer price is “46 per cent more than the price of $5.55 about 90 days ago”. AGL shares hit 20-year lows below $5.50 in the second half of November, but have recovered as wholesale power prices increased.
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