Agl Energy Stock News

Tech billionaire bidding for AGL says the private market is stepping up and providing replacement capacity exactly as asked Mike Cannon-Brookes has rejected a suggestion by Scott Morrison that a plan to shut AGL Energys coal plants early would push up electricity bills, with the tech billionaire arguing fossil fuel generators are increasingly unreliable and new solar and wind lowers prices for consumers. Morrison on Monday responded to a proposed joint takeover of AGL by Cannon-Brookes and the Canadian asset management giant Brookfield. The prime minister said the government wanted coal plants to run until the end of their scheduled operating life and he was very committed to sweating those assets to ensure a reliable electricity supply at affordable prices. Continue reading

CANBERRA, Australia - AGL Energy has rejected an 8 billion Australian dollar takeover bid from Australian tech billionaire Mike Cannon-Brookes and Canadian investment firm

AGL said the A$7.50 apiece proposal from the Canadian group and Cannon-Brookes, Australia''s second-richest man and co-founder of software firm Atlassian, at a 4.7% premium to the stock''s Friday close undervalued it.

AGL Energy has rejected an 8 billion Australian dollar ($5.8 billion) takeover bid from Australian tech billionaire Mike Cannon-Brookes and Canadian

(Reuters) -Australian power producer AGL Energy Ltd on Monday rejected a $3.54 billion takeover offer from billionaire Mike Cannon-Brookes and Canada's Brookfield Asset Management in favour of its pla

Power company AGL Energy is the target of an $8 billion takeover bid from Australian tech billionaire Mike Cannon-Brookes and Canadian investment firm Brookfield.50 per share, according to multiple media reports.

The Australian Financial Review says Brookfield Asset Management and an Australian tech billionaire propose a joint bid for Australias AGL Energy

Billionaire founder of software giant Atlassian Mike Cannon-Brookes has launched a shock joint bid to take control of AGL Energy, paving the way for a quicker shut down of the energy giants coal-fired power stations.

Energy giant assessing unsolicited bid worth up to $8bn from tech billionaire and Canadian investment firm Tech billionaire Mike Cannon-Brookes and the Canadian asset management giant Brookfield have launched an extraordinary joint bid to takeover AGL Energy, Australias 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 AGLs power generation and energy retail divisions, which include coal, gas and renewable energy generation assets. The AGL board was assessing the offer. Continue reading

Australian shares rose for a third straight session on Thursday, helped by financials after National Australia Bank posted a jump in quarterly profit, and as technology stocks extended a rally. The S&P/ASX 200 index advanced 0.7% to 7,315.5 by 2356 GMT, adding nearly 3% in the past three sessions and putting the benchmark on course for a second straight weekly gain. Financials gained 0.6%, helped by a 4% jump in National Australia Bank after the country''s second-biggest lender reported a 9% rise in its first-quarter profit. The other three lenders among the ''Big Four'' added between 0.4% and 1.2%. Wealth manager AMP Ltd jumped 4.7% after saying its full-year profit rose more than a half, and that it had received "enquiries" for its fund management unit AMP Capital. Australia shares surge 1% on mining boost, Macquarie''s record quarter Technology stocks soared 3.6% after Wall Street jumped overnight on the back of gains in megacap growth names. Block Inc''s Australia-listed shares leapt more than 10%, while Computershare Ltd extended its earnings-fuelled rally to a second day, rising 3.3%.

AGL Energy Ltd. plans to shutter Australias two biggest polluters a few years earlier, as the aging coal plants struggle to compete against rising renewable generation.

Power company AGL Energy says a rise in global energy demand will boost future earnings, as it takes advantage of rises in domestic wholesale electricity prices."With the rise in energy and commodity prices across the globe, AGL Energy is well positioned to benefit from improving wholesale electricity prices seen over the past six months," CEO Graeme Hunt said on Thursday.

Two of Australia’s largest coal power stations will be shut down earlier than planned after their owner AGL Energy moved to accelerate their closure dates amid a fast-paced transition to renewables and pressure to cut its pollution levels.

AGL Energy posted a turnaround in bottom line profit but underlying profit still slumped 41 per cent.