Insight - Coal will exit Aussie’s power market despite AGL’s recalcitrance

Fast transition: A file picture showing AGL Energy’s power station in Sydney. The motivation for the takeover bid is to accelerate AGL’s closure of its coal-fired generators. — Reuters

THE bid by a green billionaire to buy Australia’s most polluting company may have stumbled at the first hurdle, but it’s likely the race is far from over.

AGL Energy Ltd, Australia’s largest power producer, rejected an unsolicited takeover bid on Monday from tech magnate Mike Cannon-Brookes and Canada’s Brookfield Asset Management.