Energy giant AGL and its new biggest shareholder, Mike Cannon-Brookes, have traded barbs over the future of Australia’s largest power generator after the billionaire raided the share registry in a last-minute bid to stop the company’s planned demerger.
Cannon-Brookes late on Monday surprised the market by announcing his family company Grok Ventures had snared 11.28% of AGL. On Tuesday he warned splitting into a generator and retailing arm would not only destroy shareholder value by clinging on to ailing coal-fired power plants but would also be “globally irresponsible” because of the ongoing emissions by Australia’s biggest single polluter.
