AustralianSuper rejects Brookfield’s “unsolicited” Origin offer

Origin Energy logo on side of corporate headquarters (profit)
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AustralianSuper says it has rejected an eleventh hour and unsolicited offer from the Brookfield and EIG consortium to drop its opposition to its bid for Origin Energy and join the takeover.

Brookfield and EIG reportedly invited AustralianSuper to engage with the consortium in relation to acquiring interests in Origin should the takeover be successful.

Related article: Origin’s top shareholder opposes Brookfield’s $15.35b bid

AustralianSuper says it has rejected the officer and will be voting against the takeover at the upcoming vote on 23 November 2023.

“We believe the offer remains substantially below our estimate of Origin’s long-term value,” AustralianSuper said in a statement.

“The fund will be voting against the takeover scheme from the Brookfield and EIG-backed consortium as AustralianSuper believes the ongoing energy transition has further enhanced the value of strategic energy transition platforms, such as Origin.

“AustralianSuper is a long-term investor in the Australian economy and is open to providing capital to assist Origin as it prepares to transition over the coming decades, while delivering on our purpose to help members achieve their best financial position in retirement.

Related article: ACCC gives nod to Brookfield and MidOcean for Origin buyout

“The challenge facing the nation as we work towards Net Zero by 2050 is not a lack of capital but rather a shortage of good quality investment opportunities.”

AustralianSuper is the largest shareholder in Origin, and opposed the initial $15.35 billion buyout bid by the Brookfield-led consortium. The consortium has since increased its offer to $9.53 per share.

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