Mike Cannon-Brookes buys up AGL shares in bid to block energy giant’s demerger
by Peter Hannam from on (#5YS5T)
AGL says it's determined to go ahead with the merger despite the purchase, which has made Cannon-Brookes the company's largest single shareholder
AGL Energy, Australia's biggest electricity generator, says it remains determined to pursue its plan to split despite a bid for a blocking stake by technology billionaire Mike Cannon-Brookes.
In a second tilt at the company in three months, Cannon-Brookes bought 11.28% of the AGL shares through his family's Grok Ventures firm, making him the largest single shareholder. That's almost half the 25% of shareholders needed to derail the demerger.
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