Origin Energy's $10.6B Acquisition Bid by Brookfield-Led Consortium Faces Investor Rejection

Origin Energy's Acquisition Bid: Investor Rejection Looms

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In Sydney, the $10.6 billion bid by a Brookfield-led consortium to acquire Origin Energy, Australia's largest power retailer, is anticipated to be rejected by investors on Monday. Origin Energy's stock declined by 3% to A$7.94 in early Monday trading, suggesting that the market anticipates the bid to be unsuccessful. AustralianSuper, the largest shareholder of Origin Energy, controlling approximately 17% of the company, has expressed its intention to reject the A$9.39 per share offer. This opposition is significant as the bid requires a minimum of 75% support from votes cast at the investor meeting. Furthermore, the board of Origin Energy has already dismissed a revised backup bid from the Brookfield consortium, citing its complexity and conditional nature. The consortium's next steps depend on the outcome of the vote and the impact of a new government plan on Origin's valuation.

Source : Reuters (Reporting by Scott Murdoch)