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AGL Spurned Offer Signals Move From Activism to Acquisition

Power utilities with relatively small market caps may be ripe for takeovers and re-imagining as renewable powerhouses

AGL Energy’s Loy Yang Power Station in the Latrobe Valley, Australia.

AGL Energy’s Loy Yang Power Station in the Latrobe Valley, Australia.

Photographer: Carla Gottgens/Bloomberg

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Over the weekend, an unusual consortium proposed to acquire AGL Energy, one of Australia’s largest power generators and, by a long stretch, the country’s single biggest direct emitter of Scope 1 greenhouse gases.