Australia’s AGL Energy claims that Brookfield has acquired a tiny share

• Canada’s Brookfield Asset Management has bought a 2.6% stake in AGL Energy (AGL.AX).
• The purchase comes just over three months after being spurned in a A$5.4 billion ($3.7 billion) bid for AGL.

Canada’s Brookfield Asset Management (BAMa.TO) has purchased a 2.6% stake in AGL Energy (AGL.AX), turning into the no.4 investor a little more than 90 days in the wake of being rejected in a A$5.4 billion ($3.7 billion) bid for Australia’s overwhelmed top power maker.

AGL said on Thursday that a unit of Brookfield Asset Management had purchased 17.2 million offers as of June 24, adding that the size of the stake might have changed from that point forward.

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Brookfield declined to remark on the stake or its expectations.

Investor possessions are commonly not openly reported on the off chance that they are underneath 5%.

Refinitiv information shows the 2.56% stake positions Brookfield right external AGL’s main three financial backers.

Brookfield’s stake buy comes as AGL is in an in-between state, looking for another director and CEO and dealing with another methodology in the wake of rejecting an arrangement to the part itself into an energy retailer and coal-terminated power maker.

“It’s a major dark opening right now,” said Jamie Hannah, delegate head of ventures at reserve chief Van Eck, one of AGL’s best 15 investors. “There are various moving parts continuing right now that they need to weigh up.”

AGL dumped the demerger plan two months in the wake of dismissing a joint takeover proposition from Brookfield and tech tycoon and environment extremist Mike Cannon-Brookes, who purchased an 11% stake in AGL and revitalized resistance to the organization split.

AGL plans to refresh investors on its procedure survey when it reports yearly outcomes on Aug. 19.

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In light of where AGL’s portions were exchanging before June 24, Brookfield probably purchased its stake for near the A$8.25 an offer it presented with Cannon-Brookes’ trading company Grok Ventures for AGL in March.

“We would rather not see a takeover offer by any means at this level,” Van Eck’s Hannah said. “We simply believe there’s drawn-out esteem – the cost is discouraged at this level.”

AGL’s portions crept up 0.1% at A$8.40, starting around 0125 GMT in a more extensive market (.AXJO) that was down 0.7%.