(Bloomberg) — Origin Energy’s largest shareholder has announced further talks with private equity firms Brookfield Asset Management and EIG Global Energy Partners over a planned A$19.4 billion ($12.6 billion) acquisition. In response to his refusal, he bought more shares.
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Australian Super will increase its stake in the Australian power company to 15.03% and is not discussing joining a proposed acquisition consortium, according to a statement on Monday confirming an earlier report by Bloomberg News. Stated. Even after the Brookfield-led consortium rushed into talks, the $300 billion pension fund maintained it had no interest in taking the company private as a co-investor, the people said.
“AustralianSuper believes the ongoing energy transition towards net zero by 2050 further enhances the value of strategic energy transition platforms such as Origin, both public and private.” said in a statement.
The failure of the offer highlighted a deep chill in relations between the two megafunds and triggered a high-profile public campaign by both sides over the attempted takeover of Australia’s largest energy supplier. Under Australian rules requiring at least 75% shareholder support when voting on takeover proposals, 15% opposition is usually sufficient, given that not all retail investors always vote. proves sufficient to resolve the transaction.
Read more: Battle of Origins shows the emerging power of Australia’s superannuation giants
For Brookfield, its back-up options include considering a seat in Australian Super as a member of the Take Private consortium, or as an off-market takeover offer if approval fails in a shareholder vote on 23 November. This included reviving the trade in a new form. .
Brookfield Group last week increased its offer by about A$1.2 billion in a binding “best and final” bid, ending a year-long pursuit.
But Australia’s largest pension fund, AustralianSuper, quickly determined that the price was “significantly below our estimates of Origin’s long-term value” and that Target’s green ambitions were the reason for the price. This is a compelling reason to raise the
(Updated with AusSuper confirmation regarding stake size and trade opposition)
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