Mike Cannon-Brookes says large AGL shareholders back his bid to stop energy giant’s demerger

Australia's largest power generator vows to go ahead with demerger after tech billionaire buys 11% stake in company

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Energy giant AGL and its new biggest shareholder, Mike Cannon-Brookes, have traded barbs over the future of Australia's largest power generator after the billionaire raided the share registry in a last-minute bid to stop the company's planned demerger.

Cannon-Brookes late on Monday surprised the market by announcing his family company Grok Ventures had snared 11.28% of AGL. On Tuesday he warned splitting into a generator and retailing arm would not only destroy shareholder value by clinging on to ailing coal-fired power plants but would also be globally irresponsible" because of the ongoing emissions by Australia's biggest single polluter.

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