AGL Energy rejects second takeover bid, Brookfield set to walk

Paul Jones

AGL’s board, advised by Macquarie Capital and Goldman Sachs, is understood to have met to consider the offer on Sunday, and unanimously agreed to reject it. The Canadian firm, one of the biggest investors in renewables projects globally, had hoped to secure due diligence and a closer look at AGL Energy’s books.

The latest rejection is likely to come as little surprise to AGL Energy shareholders; AGL boss Graeme Hunt made it clear a fortnight ago that his board was intent on pursuing the demerger and needed a considerably higher offer to derail its plans.

They always say they will walk away. Barter rule 101.

I would walk. AGL is not worth more than $5 a share. Their customers are valuable and the hydro is worth a lot. Otherwise a liability.

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