Energy & Science
Billionaire Cannon-Brookes to Seek Stake in Australia’s AGL
- Cannon-Brookes’s Grok Ventures holds 11% of Australian utility
- AGL previously rejected takeover approaches led by Brookfield
Mike Cannon-Brookes
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Billionaire Mike Cannon-Brookes bought 11% of AGL Energy Ltd. and will oppose the utility’s plan to demerge its retail and power generation assets under a proposal that would keep coal-fired plants running for decades.
The acquisition makes the Atlassian Corp. founder’s Grok Ventures the largest AGL shareholder, his personal office said in a statement. The stake cost about A$650 million ($460 million), according to Bloomberg calculations.