AGL Energy considers dropping plan to demerge

AGL’s board and bankers are having second thoughts about whether to push ahead with the June 15 demerger vote, or pursue another potential deal.

Ahead of the release of all-important proxy reports, the utility’s board and bankers have been counting likely numbers to check whether they’re likely to be in a strong position heading into their demerger vote. AGL Energy’s proposed demerger would split the business in two and see both companies remain in the hands of existing investors.It’s clear the vote is likely to be a closely run contest, and AGL Energy is understood to be having some second thoughts about whether it should push ahead with the count or pursue another potential deal.

Instead, one option discussed by advisers has been to delay the demerger and launch a strategic review, both to buy time and see whether there could be a better outcome for shareholders. Should the vote be delayed, or even cancelled, it would pile pressure on the company’s board and top executives, who have recommended investors approve the plan.For the past few weeks, AGL Energy has been at pains to highlight to investors that the demerger was in their best interests, and it would stick to its June 15 vote despite opposition from renegade investor Mike Cannon-Brookes and

Well well well

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