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Benzinga
Benzinga
Business
Vandana Singh

Investment Giant Brookfield Snaps Up Minority Stake In Australia's AGL Energy

  • AGL Energy Limited (OTC:AGLNF) confirmed that it had become aware that the Canadian investment firm Brookfield Asset Management (NYSE:BAM) subsidiary bought 17.2 million shares in the Australian energy major, representing 2.56%.
  • AGL said it became aware of the transaction, which occurred late last week, through routine registry analysis responses and acknowledged that the information might be historical.
  • "It is possible that subsequent trading may have altered the position," AGL said.
  • "AGL has not received any updated acquisition proposal from Brookfield since the two proposals received earlier this year were announced to the market."
  • "AGL is continuing to focus on the previously announced review of AGL's strategic direction," it added.
  • Reuters reported that AGL rejected a joint takeover proposal from Brookfield and tech billionaire Mike Cannon-Brookes, who bought an 11% stake in AGL.
  • AGL plans to update shareholders on its strategy review when it reports annual results on August 19.
  • Last week, the company withdrew the demerger proposal to separate AGL Energy into AGL Australia and Accel Energy.
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