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Brookfield Spurned in $14 Billion Plan to Close Coal Plants

  • Fund and tech billionaire targeted key Australian polluter AGL
  • AGL says offer ‘materially undervalues’ the power company
Cooling towers at the AGL Energy Loy Yang Power Station in the Latrobe Valley, Australia.

Cooling towers at the AGL Energy Loy Yang Power Station in the Latrobe Valley, Australia.

Photographer: Carla Gottgens/Bloomberg
Updated on

Australian utility AGL Energy Ltd. rejected a multibillion-dollar takeover bid from Brookfield Asset Management Inc. and technology billionaire Mike Cannon-Brookes, who plan to accelerate the closure of the company’s polluting coal-fired power plants. 

Brookfield and Cannon-Brookes’s investment firm Grok Ventures have a A$20 billion ($14 billion) transition plan to shift AGL to clean energy and “remains optimistic that an agreement can be reached,” the consortium said in a statement. AGL shares jumped 11% to close at the highest since July.