Australian electricity generator AGL rejects $5.8B offer

CANBERRA, Australia (AP) — Australia’s largest electricity generator, AGL Energy, has rejected a takeover bid from Australian tech billionaire Mike Cannon-Brookes and Canadian investment firm Brookfield. They want AGL to shift faster away from coal-fired power. The preliminary and non-binding offer was for $5.8 billion, or $5.39 per share. AGL said it undervalued the company and wasn’t in shareholders’ best interests. Cannon-Brookes, who founded software company Atlassian, said he would continue negotiating with the AGL board. Federal Energy Minister Angus Taylor said energy companies, as providers of an essential service, had a responsibility to put consumers first. Australia’s Clean Energy Regulator said AGL is the nation’s largest greenhouse gas polluter, accounting for 8% of the nation’s total emissions.