/ 21 February 2022

Firing up a gassy takeover bid

Mike Cannon-Brookes
Image source: AAP

Atlassian co-founder Mike Cannon-Brookes is making a splash with a bid for energy giant AGL. Reports say he’s teamed up with Canadian fund manager Brookfield for the circa $8 billion bid. The Aussie tech entrepreneur’s fortune is said to be worth more than $20 billion, and in recent times, he’s become a significant investor in renewable energy projects. As for AGL, it is set to split its retailing and power generation divisions, and it’s planning to remove coal-fired plants from its roster of energy-generating assets by 2045, which is sooner than initially planned. Reports say Cannon-Brookes/Brookfield would get out of coal-fired power generation even sooner, which will cost a pretty penny – but it would bring down AGL’s carbon footprint, which is estimated to account for 8% of Australia’s total greenhouse gas emissions. No one’s confirmed anything at this point, so look out for some clarification when the market opens this morning…

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