AGL dumps demerger plan, yielding to Mike Cannon-Brookes
by Peter Hannam from on (#5ZS8W)
Company's chairman and chief executive to resign, along with two other board members
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AGL Energy has ditched its plan to split into separate generator and retailer arms, capitulating to the billionaire climate activist Mike Cannon-Brookes' efforts to foil the move.
In a statement to the Australian Securities Exchange on Monday morning, AGL said it was withdrawing the plan, despite the board believing the demerger was the best way forward". It was clear that the proposal would not secure the necessary 75% of shareholders at a scheduled 15 June vote to win approval.
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