Australian energy company AGL Energy has rejected an offer by Canadian billionaire Mike Cannon-Brooks and Brookfield Fund to buy its business for $3.54 billion, Reuters reports.
Mr. Cannon-Brooks, an environmental activist and the second-richest person in Canada, wants to buy out AGL Energy in order to shut down all of its coal-fired power plants as soon as possible. AGL accounts for 8% of Australia’s total carbon dioxide emissions, making it the country’s largest air polluter.
However, AGL considered the price offered by the Canadian billionaire to be too low. However, the company’s shares are up more than 10% as investors expect Cannon-Brooks and Brookfield to make another, more tempting offer.
AGL itself has so far said it intends to stick to its own strategic development plan adopted last year. The company plans to split into two independent structures. The entire power generation business will be merged into a new Accel company, with AGL Australia dealing solely with the sale of electricity.