Brookfield and EIG have locked horns with AustralianSuper,the power retailer and generator’s largest shareholder,as they attempt to muster Origin Energy’s 122,000 stockholders to accept their “best and final” offer of $9.53 a share,ahead of a vote on November 23 by all shareholders that will decide the takeover.
Brookfield’s head of renewable power and transition in Australia,Luke Edwards,said there was room for the super fund inside the consortium. But by not joining,AustralianSuper was “standing in the way” of retail investors receiving a compelling premium for their shares.
“AustralianSuper has made it clear they don’t want to invest in an accelerated transition alongside Brookfield,” Edwards said. “Retail investors should act now and vote in favour of our offer.”
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The market is punting against the consortium’s success,with Origin’s shares closing around $8.80 at a steep discount to the bid price.
The super fund said the unsolicited letter contained an offer for it to engage with the consortium about acquiring an interest in Origin should the takeover on the terms proposed in Origin’s scheme booklet be successful.
“AustralianSuper has rejected an 1th-hour and unsolicited letter received from the Brookfield and EIG consortium today and has reaffirmed that it will be voting against the Origin Energy takeover,” the fund said.