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...Barclays is reportedly planning to establish a similar vehicle with AGL Credit Management....
...The result also follows the successful intervention last year by fellow Australian billionaire Mike Cannon-Brookes to block the demerger of Origin’s rival AGL....
...Barclays is negotiating with asset manager AGL on a fund that would give the British bank a way to break into the asset class, according to two people briefed on the matter....
...Origin, a rival to AGL, agreed to a potential $12bn takeover from Brookfield and EIG Partners this month....
...The battle for AGL had been fought over the company’s role in Australia’s energy transition....
...But the actions of AGL to immediately increase the costs to households seems a bit like revenge. Gershon Dorfman Hong Kong...
...group Brookfield Asset Management to buy AGL outright for A$5.43bn (US$3.89bn) in February....
...AGL said in a regulatory filing that a subsidiary of Brookfield had bought a 2.56 per cent stake in the company but that no new bid for the business had been made....
...AGL has in some ways been the author of its own woes....
...Brookfield’s Global Transition Fund, which is co-led by former Bank of England governor Mark Carney, had made a bid for AGL, alongside software billionaire Mike Cannon-Brookes, this year....
...Australia’s energy sector is under pressure as the government plots a switch to renewable sources, after the country’s largest energy companies including AGL and Origin brought forward the date for the closure...
...As a result, we intend to vote every AGL share we control at the relevant time against the demerger, and will actively encourage all AGL shareholders to do the same.”...
...A co-founder of Australian software company Atlassian, Cannon-Brookes owns more than 11 per cent of AGL’s shares....
...Acquisitive EIG will take Origin’s gas assets while Brookfield will swallow the energy business that competes with AGL....
...However Australia still faces a tough task in reducing its domestic energy reliance on coal-fired power and companies including AGL and Origin have come under pressure from shareholders to detail investment...
...of AGL Energy shareholders.”...
...AGL resisted despite its history of energy transitions....
...The consortium proposed to take AGL private, close its three coal plants earlier than planned and invest A$20bn in renewable energy generation. AGL rejected the bid, saying it undervalued the company....
...AGL’s share price closed 0.52 per cent lower at A$7.65 on Wednesday in Sydney....
...AGL would have been likely to engage with the Brookfield consortium if it had offered A$8.50 share, according to one person with knowledge of the matter....
...AGL received the offer by letter on Saturday. AGL is one of Australia’s biggest publicly traded energy companies, with a portfolio of coal, gas and renewable generators, and a large retail business....
...a dozen years earlier than AGL’s target....
...Although AGL rejected the offer, the Sydney native this month revealed he had quietly amassed a 11.3 per cent stake in the group....
...AGL and Australia....
...“The hung [loans] have clogged up the system and held up capital but is likely temporary,” said Peter Gleysteen, chief executive of asset manager AGL Credit Management....
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