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

AGL rejects takeover bid by Mike Cannon-Brookes and Canadian fund manager Brookfield

Atlassian chief executive Mike Cannon-Brookes
Atlassian chief executive Mike Cannon-Brookes has made a joint bid with Brookfield to buy AGL, Australia’s biggest energy company, and shut its coal generators earlier than planned. Photograph: Mick Tsikas/AAP

AGL Energy has rejected a takeover bid by tech billionaire Mike Cannon-Brookes and Canadian asset management giant Brookfield, saying the preliminary offer “materially undervalues the company”.

Brookfield and Cannon-Brookes’ Grok Ventures made the extraordinary offer to take over Australia’s most polluting company on Saturday, with a goal to shut its coal power plants earlier than planned.

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