AGL reject $8bn coal plant takeover bid from billionaire Mike Cannon-Brookes

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Power massive AGL has rejected a wonder $8 billion be offering from tech billionaire Mike Cannon-Brookes and a Canadian asset control corporate, who need to close down the corporate’s coal energy crops previous than deliberate.

This morning AGL stocks jumped 11 in step with cent, as information of the speculative bid emerged.

It’s understood Mr Cannon-Brookes is splashing out 20 in step with cent of the $8 billion, with asset supervisor Brookfield shouldering the rest 80 in step with cent.

The Liddell Energy Station, left, and Bayswater Energy Station, coal-powered thermal energy station are pictured close to Muswellbrook within the Hunter Valley, Australia on Nov. 2, 2021. Australia’s High Minister Scott Morrison has introduced 1000000000 Australian buck ($738 million) funding fund to instant music rising low emissions applied sciences together with carbon seize and garage, Wednesday, Nov. 10, 2021. (AP Photograph/Mark Baker) (AP)
AGL’s coal crops are regarded as answerable for 8 in step with cent of Australia’s general greenhouse fuel emissions.
Mr Cannon-Brookes has been a long-time and really vocal critic of Australia’s motion on reducing carbon emissions.

The bid from Mr Cannon-Brookes and Brookfield would see AGL fast-track the transition clear of coal in favour of renewables.

That plan would contain shuttering coal crops a lot previous than anticipated.

The AGL board met to imagine the be offering on Sunday, and lately it was once rejected.

Cannon-Brookes, a renewable energy investor and vocal advocate for greater action on the climate crisis
Tech billionaire Mike Cannon-Brookes is a renewable power investor and recommend for larger motion at the local weather disaster. (9)
Last week Origin Energy announced Eraring will cease to operate as a coal-fired power station from 2025.
Remaining week Starting place Power introduced Eraring will stop to function as a coal-fired energy station from 2025. (Nick Moir)
Talking at the marketing campaign path in Tasmania, High Minister Scott Morrison lately seemed in no temper to close down coal crops at a extra speedy tempo.

“Let me be transparent about one thing, we wish to be sure that our coal-fired technology of electrical energy runs to its lifestyles,” he stated.

“As a result of if it does not, electrical energy costs pass up. They do not pass down.”

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