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The Guardian - AU
The Guardian - AU
Business
Peter Hannam, Adam Morton and Katharine Murphy

AGL open to higher takeover bid but says Cannon-Brookes plan to close coal by 2030 is unrealistic

AGL Anthony Albanese Brookfield Markus Brokhof
Storm clouds can be seen above the Bayswater coal-fired power station in New South Wales
Bayswater coal-fired power station in NSW. The AGL takeover consortium says that under its offer up to $20bn will be spent on renewable energy. Photograph: David Gray/Reuters

AGL Energy says a premium of at least 30% on its share price will be needed for an extraordinary takeover bid by the tech billionaire Mike Cannon-Brookes and Canadian investment firm Brookfield to potentially succeed.

Markus Brokhof, AGL’s chief operating officer, has also dismissed Cannon-Brookes’ proposal to shut the company’s coal-fired power plants by 2030, saying that was unrealistic.

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