Australia’s largest power firm rejects green takeover bid

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Australia’s largest energy firm and biggest carbon emitter AGL on Monday rejected a takeover bid from green-minded tech billionaire Mike Cannon Brookes, who planned to shutter the firm’s coal-fired power plants.

Atlassian co-founder Cannon Brookes had teamed up with Brookfield Asset Management to offer US$5.8 billion for the electricity production and distribution firm with a view to shutting major coal power plants 15 years early.

Cannon Brookes has long been vocal in his criticism of the Australian government’s pro-coal policies and the energy industry’s lack of ambitious climate goals.—APP

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