SYDNEY: Australia's largest energy retailer, The Australian Gas Light Co (AGL), launched a A$2.7bil counterbid for smaller rival Alinta Ltd, rejecting Alinta's own takeover proposal.
AGL, Australia's second oldest company with a stock market value three times that of its aggressor, said its offer was based on the same share-for-share ratio as Alinta's, but would place AGL's new chief executive Paul Anthony in charge of the energy company, offering ambitious Alinta chief Bob Browning control of an infrastructure company to be spun off later.
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