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UNCOVERED: 11 | History Defined

AGL said no to a $5 billion bid, but it isn't over – here's how takeover bids work

Australian companies are being taken over like never before. On Saturday February 19 a consortium involving tech billionaire Mike Cannon-Brookes and Canadian asset manager Brookfield offered A$5 billion to buy AGL Energy.

The Conversation

Queensland floods prompt 1,000 calls for help as heavy rain continues – as it happened

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The Guardian - AU

Why the Australian government should welcome Mike Cannon-Brookes' plan to takeover AGL

Prime Minister Scott Morrison has flatly opposed the bid led by tech billionaire Mike Cannon-Brookes to buy Australia’s biggest energy company AGL and spend A$20 billion switching it to renewables. This includes closing its coal power stations by 2030. As Morrison stated this week:

The Conversation

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AGL Energy warns against rapid coal exit

AGL Energy has warned bill shock and community upheaval will follow a proposed departure from coal-fired electricity generation within eight years.

AAP

Alan Kohler: What the takeover bid for AGL is all about

Michael Cannon-Brookes has dug an AGL-sized pit in front of Scott Morrison, which the PM seems quite happy to step into over energy transition.

The New Daily

Scott Morrison says closing coal power stations will drive up electricity prices. Is he right?

Bid by Mike Cannon-Brookes to take over AGL drew some strong words from the prime minister, but do his claims stack up?

The Guardian - AU

Wire and poles problem for AGL bid: ACCC

Billionaire Mike Cannon-Brookes still wants to buy AGL Energy, but the competition watchdog is worried about the consortium holding wires, poles and generators.

AAP

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Scott Morrison speaks to Ukraine PM; 60 Covid deaths reported – as it happened

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The Guardian - AU

Morning mail: fears of wider Ukraine invasion, AGL says closing coal by 2030 ‘unrealistic’, Maggie Beer’s favourite things

Wednesday: Russia sanctioned by UK and EU as it plans to expand borders of controlled territories. Plus: celebrity cook’s most beloved possessions

The Guardian - AU

AGL open to higher takeover bid but says Cannon-Brookes plan to close coal by 2030 is unrealistic

Chief operating officer says consortium needs to offer at least 30% premium on share price and ‘engage once more or two times more’

The Guardian - AU

Mike Cannon-Brookes and Brookfield face multiple regulatory hurdles in AGL bid

The consortium being led by billionaire Mike Cannon-Brookes will face multiple regulatory hurdles to take over energy producer and retailer AGL, even if it can get the target company to agree to a deal.

ABC News

‘World is waking up’: ex-energy boss Kerry Schott says AGL bid a sign of big changes ahead

Takeover bid comes as energy companies look to expedite shutdown of coal-fired power plants in face of growing renewable competition, Schott says

The Guardian - AU

Why is a tech billionaire trying to buy Australia’s dirtiest energy company AGL?

Mike Cannon-Brookes believes backing renewable energy over old coal power plants will keep electricity prices down, create jobs and slash emissions – is he right?

The Guardian - AU

Mike Cannon-Brookes dismisses PM’s suggestion that coal plants should run to end of scheduled life

Tech billionaire bidding for AGL says ‘the private market is stepping up and providing replacement capacity exactly as asked’

The Guardian - AU

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Pedestrian.tv

A Billionaire Made A Bid For Aus’ Biggest Polluting Company In An Effort To Speed Up Net Zero

But AGL Energy rejected Atlassian co-founder Mike Cannon-Brookes' preliminary $8bn offer.

The Conversation

The battle for AGL heralds a new dawn for Australian electricity

Two events in the past week mark a watershed for Australia’s electricity industry.

The Independent UK

Australian electricity generator AGL rejects $5.8B offer

Australia's largest electricity generator, AGL Energy, has rejected a takeover bid from Australian tech billionaire Mike Cannon-Brookes and Canadian investment firm Brookfield

ABC News

'Australia should have the lowest-priced energy in the world' says Atlassian co-founder after AGL rejects $8b takeover bid

Billionaire co-founder of software company Atlassian, Mike Cannon-Brookes, says he will continue to work with the board of energy giant AGL to pursue a takeover that would help Australia have the "lowest-priced energy in the world".

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ABC News

AGL rejects bid by billionaire Mike Cannon-Brookes to buy energy company

Australia's biggest electricity company has rejected an $8 billion takeover bid that could have shut down its Latrobe Valley coal power station 15 years early.

ABC News

ASX closes higher, AGL rejects Atlassian billionaire's takeover bid

The Australian share market closed higher, as AGL shares surged on news the energy company had rejected a takeover bid from Mike Cannon-Brookes.

The Guardian - AU

AGL rejects takeover bid by Mike Cannon-Brookes and Canadian fund manager Brookfield

Bid led by Atlassian founder to buy Australia’s biggest polluter and shut its coal plants earlier than planned rejected as not in shareholders’ best interests

The Guardian - AU

Perrottet urged to work with union over NSW train dispute – as it happened

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AAP

Tech mogul 'remains optimistic' on AGL bid

AGL Energy has rejected a hefty takeover offer by a consortium helmed by tech mogul Mike Cannon-Brookes, but market experts say it's just a starting bid.

The Guardian - AU

Mike Cannon-Brookes and Brookfield in bid to take over AGL and shut down coal plants earlier

Energy giant assessing unsolicited bid worth up to $8bn from tech billionaire and Canadian investment firm

The Guardian - AU

Coalition and Labor respond to China laser incident; 32 Covid deaths in Australia – As it happened

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