By David Winning
SYDNEY–Origin Energy’s largest shareholder said it still intends to vote against the Australian company’s takeover by a Brookfield Asset Management-led consortium, which has raised its offer to around $10.5 billion.
AustralianSuper on Thursday said the latest proposal of 9.53 Australian dollars (US$6.10) per share, which values the company at A$16.41 billion, continues to undervalue Origin. The Brookfield-led group has said that offer is its best and final proposal unless a rival bidder emerges.
AustralianSuper, Australia’s largest superannuation provider with about A$300 billion in assets under management, owns a 13.67% stake in Origin.
“AustralianSuper believes the ongoing energy transition, as we move toward net zero by 2050, has further enhanced the value of strategic energy transition platforms, such as Origin, whether public or private,” a spokesperson for the superannuation fund said.
Write to David Winning at [email protected]
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