Canadian investment giant Brookfield Asset Management appears to have bought a stake in AGL Energy, putting the embattled electricity and gas supplier back in the crosshairs of potential takeover action.
AGL said it had become aware of an interest of 17.2 million shares, representing 2.56 per cent of its register, that “appears from ASIC searches to be a subsidiary of Brookfield Asset Management Inc”. AGL’s biggest shareholder Mike Cannon-Brookes worked alongside Brookfield in a takeover approach earlier this year.But it advised that the information may be “historical” and that Brookfield may not still own the holding. It noted it had not received any updated acquisition proposal from Brookfield, since the two proposals made by the Canadian firm together with tech billionaire Mike Cannon-Brookes earlier this year.
The surprise finding further adds to the uncertainty surrounding AGL, which last month was forced to ditch a long-standing plan to split its business in two after shareholders baulked at the proposal. to become the biggest shareholder through an 11.28 per cent stake that he resolved to vote against the demerger, which required 75 per cent approval.Mr Cannon-Brookes, the co-founder of Atlassian, acted alone through the purchase of the stake by his private firm Grok Ventures, without any involvement of Grok’s former partner Brookfield.
Source: Energy Industry News (energyindustrynews.net)
angelamacd you do understand that Brookfield is not Cannon Brookes right? You also do understand that Cannon Brookes has nothing to do with SunCable? You've never apologised for your reporting on it. Your tweets & articles remain. Do your research.
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