The AGL Energy Limited (ASX: AGL) share price performed a U-turn this morning. Its return to the green came on the back of news an entity that previously aimed to acquire the energy giant appears to have snapped up a notable stake.
At the time of writing, the AGL share price is $8.44, 0.54% higher than its previous close, having been deep in the red in early trading.
For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.59% right now while the All Ordinaries Index (ASX: XAO) has slipped 0.58%.
Let’s take a closer look at what’s going on with AGL on Thursday.
What’s driving the AGL share price today?
The AGL share price is launching higher despite the market’s continued downturn this morning.
It comes after the energy producer and retailer announced it appears to have caught Brookfield Asset Management buying into the company, snapping up a 2.56% stake in AGL under an apparent subsidiary.
Brookfield was part of a consortium offering AGL $8.25 per share to take over the energy provider earlier this year.
AGL told the market this morning an entity named Australian 123456789 4 Pty Limited had acquired around 17.2 million shares in AGL as of 24 June.
The company subsequently performed an ASIC search, finding the generically named entity looks to be a subsidiary of Brookfield. AGL continued:
AGL became aware of this information through routine registry analysis responses, and therefore the information is historical. It is possible that subsequent trading may have altered the position.
AGL has not received any updated acquisition proposal from Brookfield.
AGL rejected the offer posted by the Brookfield Consortium in March. The consortium was made up of Brookfield and Mike Cannon-Brookes’ Grok Ventures.
Of course, market watchers will likely remember Cannon-Brookes snapped up a majority hold in the company and mounted a campaign against its now-scrapped demerger plan in May.
The AGL share price has gained a notable 34% since the start of 2022. It’s also 3% higher than it was this time last year.
