/ 30 May 2022

AGL spilt in doubt

Image source: AAP
Image source: AAP

Reports this morning say energy giant AGL is preparing to abandon a shareholder vote and shelve a plan to split the company into 2. AGL is Australia’s biggest energy generator with a heavy reliance on coal-fired power plants, and billionaire Mike Cannon-Brookes wants to hasten its transition away from the fossil fuel. In February, his bid to buy the company failed – but he acquired an 11.3% stake, making him the largest shareholder with a big voice on the company’s plans to split the energy retailing arm from the energy-generating arm. Cannon-Brookes argues the company should stay whole because the coal-drag on profits would drive environmentally-friendly actions. Analysts say the board could dump CEO Graeme Hunt and launch a review – others say it could be a slower burn…

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