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The Guardian - AU
The Guardian - AU
National
Adam Morton and Peter Hannam

Mike Cannon-Brookes and Brookfield in bid to take over AGL and shut down coal plants earlier

AGL Brookfield Mike Cannon-Brookes
Liddell power station in Muswellbrook, in the NSW Hunter Valley region
AGL is considering a takeover bid from Mike Cannon-Brookes and Brookfield with a goal to accelerate the energy giant’s exit from coal. Photograph: Dan Himbrechts/AAP

Tech billionaire Mike Cannon-Brookes and the Canadian asset management giant Brookfield have launched an extraordinary joint bid to take over AGL Energy, Australia’s most polluting company, with the goal to shut its coal power plants earlier than planned.

The unsolicited multi-billion dollar offer, lodged on Saturday, would see Brookfield and Cannon-Brookes’ Grok Ventures acquire AGL’s power generation and energy retail divisions, which include coal, gas and renewable energy generation assets. The AGL board was meeting to discuss the offer on Sunday.

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