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    AGL   AU000000AGL7

AGL ENERGY LIMITED

(AGL)
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Delayed Australian Stock Exchange  -  01:38 2022-06-29 am EDT
8.420 AUD   -1.52%
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AGL Energy mulls strategic review amid demerger doubts - report

05/29/2022 | 02:08am EDT
FILE PHOTO: The logo of AGL Energy Ltd, Australia's no.2 power retailer, adorns the building of their head office in Sydney, Australia

SYDNEY (Reuters) - AGL Energy Ltd could launch a strategic review as early as Monday as doubts grow over the Australian power producer's plans to split into two companies, the Australian newspaper reported.

AGL was mulling its options on Sunday amid market speculation that breaking the company into retail and generation units may lack the shareholder support to go ahead, the newspaper said.

AGL did not immediately respond to a Reuters request for comment.

One option was to launch a strategic review that could boost the chances of AGL being sold off, the Australian reported, citing unnamed sources.

AGL's board was to meet on Sunday afternoon to determine next steps, with a decision possible on Monday, the report said.

Shareholders are set to vote on June 15 on AGL's demerger plan. The split would form AGL Australia, which would be the country's top energy retailer, and Accel Energy, the country's top power producer.

Technology billionaire Mike Cannon-Brookes indicated on Friday he would seek two seats on AGL's board if the plan to split the company failed.

In a letter addressed to AGL Chair Peter Botten, Cannon-Brookes criticised the demerger plan and expressed his intention to appoint two nominees for Grok Ventures - a vehicle he owns - to the AGL board.

Cannon-Brookes, the co-chief executive of software firm Atlassian and a vocal climate activist, gained an 11.3% stake in AGL this month by converting part of his derivatives-based holding in the company. He failed in a takeover attempt with Brookfield Asset Management earlier this year.

Australian pension fund HESTA previously joined the tech billionaire in opposing the demerger, saying it did not see the split supporting decarbonisation targets laid out by the Paris climate agreement.

Accel, if the demerger goes ahead, will inherit AGL's coal-fired power plants and the mantle of Australia's largest carbon emitter, according to government data.

(Reporting by Samuel McKeith; Editing by William Mallard)


© Reuters 2022
Stocks mentioned in the article
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AGL ENERGY LIMITED -1.52% 8.42 Delayed Quote.33.55%
ATLASSIAN CORPORATION PLC -4.75% 192.6 Delayed Quote.-49.49%
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All news about AGL ENERGY LIMITED
06/17INPEX and AGL Energy Limited Sign Memorandum of Understanding on South Australia Hydrog..
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06/15Australian power market tight despite suspension of spot trading, operator says
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06/15Australia power market halted in dramatic move to avert blackouts
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06/09Australia's AGL coal plant outage extended to September
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06/09AGL Energy Limited Announces Loy Yang A Unit 2 - Update on Expected Return to Service
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06/01Morgans rates AGL as Add
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Financials
Sales 2022 11 048 M 7 641 M 7 641 M
Net income 2022 397 M 275 M 275 M
Net Debt 2022 2 875 M 1 988 M 1 988 M
P/E ratio 2022 14,1x
Yield 2022 2,95%
Capitalization 5 752 M 3 978 M 3 978 M
EV / Sales 2022 0,78x
EV / Sales 2023 0,69x
Nbr of Employees 4 186
Free-Float 90,1%
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Technical analysis trends AGL ENERGY LIMITED
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 8,55 AUD
Average target price 9,36 AUD
Spread / Average Target 9,53%
EPS Revisions
Managers and Directors
Graeme P. Hunt Chief Executive Officer, MD & Director
Damien Nicks Chief Financial Officer
Peter Robert Botten Chairman
Hugh Fahy Chief Technology Officer
Markus Brokhof Chief Operating Officer
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