AGL also has takeover talk swirling with billionaire Mike Cannon Brookes still effectively holding an 11.28% stake – the gas & electricity company rejected an $8bn bid from the Atlassian co-founder in 2022. Cannon Brookes and partner Brookfield wanted to own the company as it turned off its coal-fired power stations and replaced them with renewable energy projects. There is clearly some uncertainty around this however what we do know is that AGL will be earning more next year and the year after, and may well be able to fund this transition.
- We like AGL which unlike most Australians is set to be a major beneficiary of higher energy prices – see MM’s detailed comments on the 15th of this month here.
MM likes AGL under $7
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