MELBOURNE, March 7 (Reuters Breakingviews) – The Canadian fund manager and its tech billionaire partner are abandoning a green takeover plan after their sweetened $6 bln bid was rejected. It leaves the Aussie power producer grappling with a weak demerger proposal and a pushy investor. Boss Graeme Hunt will feel the heat.Full view will be published shortly.Follow @AntonyMCurrie on TwitterRegister now for FREE unlimited access to Reuters.comCONTEXT NEWS- Brookfield Asset Management and Atlassian co-Chief Executive Mike Cannon-Brookes are walking away from an A$8.3 billion ($6.1 billion) takeover proposal for Australian power company AGL Energy, according to a March 6 tweet by Cannon-Brookes.- The consortium “looking to take private & transform AGL is putting our pens down – with great sadness,” he tweeted.- The decision follows AGL’s board rejection of a sweetened offer at A$8.25 a share, a 10% increase from the original offer.- The revised entreaty valued AGL’s equity at just under A$5.5 billion, a 15% premium to the price on Feb. 18, the day before the Brookfield group made its first offer, and a 31% premium to the three-month volume-weighted average price. Including debt, the offer valued the AGL enterprise at nearly A$8.3 billion.Register now for FREE unlimited access to Reuters.comEditing by Jeffrey Goldfarb and Thomas ShumOur Standards: The Thomson Reuters Trust Principles.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. .
