AGL launches counter bid for Alinta

Australian energy giant Australian Gas Light this week launched what is being seen by the market as a copycat counter bid for Alinta. The AGL bid is essentially a mirror of Alinta’s bid, but would see AGL’s chief executive Paul Anthony at the helm of the new entity, rather than Alinta’s Bob Browining. Under the AGL proposal, Mr Browning would head up the spin-off infrastructure company. The AGL move has led Alinta executives to accuse AGL’s board and senior management of looking after their own positions. AGL has previously turned down Alinta’s merger proposal and has now turned back its own demerger proposal to pursue its own offer.