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The Guardian - AU

Business

Adam Morton and Peter Hannam

Why is a tech billionaire trying to buy Australia’s dirtiest energy company AGL?

AGL Australia Mike Cannon-Brookes Brookfield

Steam billows from the cooling towers at AGL’s Loy Yang A coal-fired power station and Loy Yang B. — Steam billows from the cooling towers at AGL’s Loy Yang A coal-fired power station and Loy Yang B. Photograph: John W Banagan/Getty Images

What exactly is being proposed?

It is, by any measure, an extraordinary intervention in Australia’s rapidly evolving electricity market. A consortium worth hundreds of billions of dollars on Saturday lodged a formal offer to buy AGL Energy – the country’s biggest greenhouse gas emitter – for just short of 5% above the closing share price on Friday.

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