AGL Energy has withdrawn its $3.02 billion proposal to acquire telco Vocus less than a week after making an offer for the Dodo and iPriumus owner.

AGL managing director and CEO Brett Redman said in a release on Monday the company was no longer confident the deal would create value for shareholders.

“The approach to Vocus reflected our view that the Vocus asset base has attributes that could support the execution of this strategy and benefit our customers,” Mr Redman said.

“However, we are no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders.”