Murdoch throws $950m into Alinta Liddell bid

AGL has received a pretty worthless bid for Liddell Power station this afternoon, via ASX:

But over at The Australian, which values coal a little more highly than does Alinta, the bid is 1.2bn:

Energy retailer Alinta has made a $1.2 billion bid for the Liddell power station in NSW in a move that will ramp up public pressure on AGL to either sell or reverse its controversial decision to shut down the coal-fired power station by 2022.

One can only conclude that Rupert himself has generously made up the balance.

I’m not sure why AGL would take up the offer, adding a competitor and reducing its own future market share to boot.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.