AGL buckles before Mike Cannon-Brookes – what's next for the other shareholders?

 Billionaire Mike Cannon-Brookes has won a major battle against Australia’s biggest energy company, AGL Energy, thwarting its plan to split up the company’s coal-heavy generation and power distribution assets.

AGL’s board announced it was dumping its demerger proposal yesterday. Heads have rolled too. Chief executive Graeme Hunt, chairman Peter Botten and non-executive director Jacqueline Hey have resigned. Another director, Diane Smith-Gander, will go in August.

But it remains to be seen if Cannon-Brookes and his allies can achieve their ultimate goal – to force AGL, Australia’s biggest carbon emitter, to accelerate the closure of its coal and gas-fired power stations.

Read More: https://www.businessnewsaustralia.com/articles/agl-buckles-before-mike-cannon-brookes---what-s-next-for-the-other-shareholders-.html



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