Investment Giant Brookfield Snaps Up Minority Stake In Australia's AGL Energy

  • AGL Energy Limited AGLNF confirmed that it had become aware that the Canadian investment firm Brookfield Asset Management BAM subsidiary bought 17.2 million shares in the Australian energy major, representing 2.56%.
  • AGL said it became aware of the transaction, which occurred late last week, through routine registry analysis responses and acknowledged that the information might be historical.
  • "It is possible that subsequent trading may have altered the position," AGL said.
  • "AGL has not received any updated acquisition proposal from Brookfield since the two proposals received earlier this year were announced to the market."
  • "AGL is continuing to focus on the previously announced review of AGL's strategic direction," it added.
  • Reuters reported that AGL rejected a joint takeover proposal from Brookfield and tech billionaire Mike Cannon-Brookes, who bought an 11% stake in AGL.
  • AGL plans to update shareholders on its strategy review when it reports annual results on August 19.
  • Last week, the company withdrew the demerger proposal to separate AGL Energy into AGL Australia and Accel Energy.

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