Brookfield Asset Management buys 2.6% stake in Australia's AGL Energy [Globe and Mail, The (Toronto, Canada)]
Brookfield Asset Management Inc Class A Limited Voting Shares (BAM)
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Source: Globe and Mail, The
Brookfield Asset Management has bought a 2.6% stake in AGL Energy, becoming the no.4 shareholder just over three months after being spurned in a A$5.4 billion ($3.7 billion) bid for Australia's beleaguered top power producer. AGL said on Thursday that a unit of Brookfield Asset Management BAM-A-T decrease had bought 17.2 million shares as of June 24, adding that the size of the stake could have changed since then. Brookfield declined to comment on the stake or its intentions. Shareholder holdings are typically not publicly announced if they are below 5%. Refinitiv data shows the 2.56% stake ranks Brookfield just outside AGL's top three investors. Brookfield's stake purchase comes as AGL is in limbo, searching for a new chairman and chief executive and working on a new strategy after scrapping a plan to split itself into an energy retailer and coal-fired power producer. “It's a big black hole at the moment,” said Jamie Hannah, deputy head of investments at fund manager Van
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