Stock Groups

AGL Energy shelves demerger plans, chairman & CEO to step down -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: AGL Energy Ltd’s logo, Australia’s second-largest power retailer, is seen on Sydney’s head office building, Australia. February 8, 2017, at 8:15 p.m. Photo taken on February 8, 2017. REUTERS/David Gray/File Photo

(Reuters] – Australia’s AGL Energy said Monday that the proposed demerger of its operations would be stopped by mounting shareholder resistance, including Mike CannonBrookes (Top Shareholder).

The company announced that Peter Botten, chairman, and chief executive Graeme Hunt would also be retiring from their respective roles.

[ad_2]