Mike Cannon-Brookes has told AGL’s nearly 150,000 shareholders in a new letter that the company’s plan to split in two “misses one of Australia’s biggest economic opportunities”, risks future dividends and destroys value.
It is the billionaire’s latest salvo in a proxy war over the future of the energy giant, which will come to a head at a scheme meeting on June 15 at which investors will decide AGL’s future.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com