AGL rejects revised takeover offer
Australian utiliy AGL Energy has rejected a revised takeover offer from a consortium led by Canada's Brookfield Asset Management, the company said on March 8.
The Brookfield consortium’s offer of A$8.25 ($6.08)/share, although higher than the A$7.5/share tabled last month, remains below the fair value of the company, AGL said.
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AGL chairman Peter Botten said, “The revised unsolicited proposal continues to ignore the opportunity that AGL Energy shareholders have through our proposed demerger to realise potential future value.”
The company last year announced plans to demerge into two separate entities that will both be listed on the Australian Securities Exchange.
AGL Energy will become Accel Energy, retaining control of AGL's electricity generation business. The retail arm and the renewable energy business will be under the brand AGL Australia. The demerger is expected by June this year.