Latrobe Valley Express Wednesday 23 February 2022

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AGL knocks back $8B surprise takeover bid

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By MICHELLE SLATER

Newborough locals Carla Monteleone and Judy Lee are backing calls to reduce speed limits along a part of Old Sale Road. By MICHELLE SLATER

NEWBOROUGH residents in a rapidly-growing housing estate are pushing for speed limits reductions along a section of Old Sale Road. Residents had been asking Latrobe City to drop speeds from 80 to 60 kilometres-per-hour between Haigh Street and Becks Bridge Road. Local mum Carla Monteleone had moved into the estate 18-months ago but fears speeding traffic could

skittle kids playing out the front of houses backing onto the busy road. Crash history shows there has been one crash resulting in a serious injury on Old Sale Road near Becks Bridge Road in the past five years. “My main issues are safety. Our neighbours here have kids and if (a driver) lost control coming around the bend it could be fatal,” Ms Monteleone told The Express. “Is this what it would take for anyone to notice?

When my kids grow up, I don’t want them coming out unsupervised, as I don’t want them to be hit by a car.” Neighbour Judy Lee called for a roadside barrier to be included in any new safety measures. “A lowered speed limit would be a great start. A lot of people flatten it along here, motorbikes go crazy and trucks don’t keep to the speed limit,” Ms Lee said. Continued on page 5

ENERGY giant AGL knocked back an $8 billion takeover bid from Aussie tech billionaire Mike Cannon-Brookes and Canadian funds manager Brookfield on Monday morning. The unsolicited bid was attempting to acquire 100 per cent of AGL Energy at $7.50 a share in order to fast-track the company’s coal closures and encourage new renewables investments. AGL received the proposal on Saturday morning, but rejected it on the basis it materially undervalued the company and was not in the best interest of shareholders. The AGL board stated it remained committed to progressing a proposed demerger to establish two separately-listed businesses – Accel Energy and AGL Australia. AGL chairman Peter Botten said the board considered the company demerger would deliver “better value for shareholders” than the proposed takeover. “The proposal does not offer an adequate premium for a change of control and is not in the best interest of AGL Energy shareholder,” Mr Botten said. “The board believes AGL Energy shareholders would be forgoing the opportunity to realise potential future value via AGL Energy’s proposed demerger as both organisations pursue decisive action on decarbonisation.” AGL had recently announced it was bringing forward the closure of Loy Yang A to between 2040 and 2045 to meet new climate targets as its coal assets get handed over to Accel in the company split. The proposed demerger is expected to be finalised by June 30. Mr Cannon-Brookes is the Sydney-based co-founder and chief executive of Atlassian Software Systems. Media reports have stated he had intended to put a halt on the AGL demerger plans and speed up its coal closures to 2035.

AFL HEADS OUR WAY: PIES AND HAWKS SET TO PLAY IN MORWELL - VALLEY SPORT

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