By Stuart Condie
SYDNEY--AGL Energy Ltd. said it remained committed to a demerger of its generation and retail assets after Atlassian Corp. Plc's billionaire co-founder became its largest shareholder and said he would vote against the proposal.
The Australian energy producer on Tuesday acknowledged that interests associated with Mike Cannon-Brookes had assembled an 11.28% interest and that the Australian entrepreneur had advised he would vote against demerger.
AGL in March rejected a takeover proposal from a Brookfield Asset Management Inc.-led consortium, which included Mr. Cannon-Brookes. The consortium planned to close AGL's aging coal-fired generating assets and replace them with clean energy and storage.
The following month, a unit at AGL's coal-fired Loy Yang A power station in Victoria state was forced offline by an electrical fault. AGL on Monday cut its earnings guidance for the 2022 fiscal year as a result.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
05-02-22 2010ET