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AAP

Business

Marion Rae

Aussie billionaire pulls plug on AGL buy

AGL Mike Cannon-Brookes Brookfield

AGL has rejected a sweetened takeover bid from a consortium led by Australian billionaire Mike Cannon-Brookes and will run with its own demerger and decarbonisation plans.

Mr Cannon-Brookes used Twitter on Sunday night to announce it would not proceed with plans to buy Australia's biggest electricity generator and largest emitter.

"The Brookfield-Grok consortium looking to take private & transform AGL is putting our pens down - with great sadness," he tweeted.

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