Brookfield buys 2.56% stake in AGL Energy (ASX:AGL)

Highlights:

• AGL Energy informed the market today that Canadian firm Brookfield has bought 2.56% stake in the company.
• This amounts to approximately 17.2 million shares in AGL Energy.

ASX-listed utilities giant, AGL Energy Limited (ASX:AGL), on Thursday (30 June 2022), apprised the market that a unit of Brookfield Asset Management has acquired 2.56% of its stake (approximately 17.2 million shares) on June 24. With this, Brookfield has become the no.4 shareholder in the power company.

The top energy Aussie producer also informed that it found this piece of information via routine registry analysis responses and that is why the information is historical. AGL explained further that successive trading likely might have even changed the stake.

It should be noted that Brookfield had made an acquisition offer to AGL earlier which the latter informed the market about. AGL Energy, in today’s ASX release, maintained that it has not received any updated acquisition offer from Brookfield so far and is still holding up to previously announced review of its strategic direction.

Earlier offer made by Brookfield

Reportedly, in March, AGL Energy rejected an AU$5.4 billion acquisition offer from a syndicate of Mike Cannon-Brookes and Canada’s Brookfield as AGL had demerger plans. AGL, then, was chasing its idea of splitting its coal-fired business from its energy retail business.  

About Brookfield

Canada-based Brookfield is a known name in the renewable power and transition sector. It is credited of helping big businesses meet their decarbonisation goals.

Brookfield boasts of around $725 billion in assets under management.

Image source: © Timonschneider | Megapixl.com

About AGL Energy

AGL Energy is an ASX-listed energy provider, helping with gas, electricity and telecommunications services to residential customers and big businesses in Australia.

The company boasts of producing almost 11,000MW of electricity which is around 20% of the total generation capacity in Australian National Electricity market.

AGL stock performance

Shares of the power giant were spotted trading marginally lower at AU$8.350 apiece at 1PM AEST on the ASX.

In last six months, the company has gained 36% on the ASX (as of 1:00 PM AEST, 30 June 2022).