Botten, Hunt to resign as AGL scraps demerger

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AGL Energy chairman Peter Botten will resign and CEO Graeme Hunt will step down as CEO after the giant electricity supplier scrapped a longstanding plan to split the business in two.

The collapse of the proposed demerger, which was strongly opposed by AGL’s biggest shareholder, tech billionaire Mike Cannon-Brookes, was formally announced by AGL early Monday.as it became obvious the restructuring would be unable to secure the 75 per cent approval it needed from shareholders at a vote that was set for June 15.

“The Board of AGL Energy continues to believe that the Demerger Proposal offers the best way forward for AGL Energy and its shareholders, and this was also the view of the Independent Expert,” AGL said in the statement.

 

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Sad news for AGL and Australians to hear this. MCB green agenda at the expense of higher energy prices for small businesses is a Fck nightmare. Instead of having a cheap reliable abundant source of energy from coal we’re getting Fck by tech billionaire and his agenda Shame on AGL

Fantastic, these 2 should hang their collective heads in SHAME. A collection of the misguided have contributed towards the value loss of AGL with a poor understanding of this business in todays world

This was never a good idea

Wow! Momentum is with Mike now? Will they sell him the company?

What a massive waste of shareholder money - at a time of a falling share price - they have presided over.

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