AustralianSuper rejects last-minute offer to accept planned Origin Energy takeover

<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/11/FIN-LP2-1.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p>In a 2 November media release, AustralianSuper reaffirmed its 31 October stance and said:</p>
<blockquote><p>AustralianSuper intends to vote its shares in Origin Energy (Origin) against the best and final offer from the Brookfield and EIG-backed consortium announced today.</p></blockquote>
<p>The mentioned consortium approached AustralianSuper, asking it to drop its opposition to the $10.5bn takeover bid for an interest in Origin Energy. AustralianSuper, which is an AUD 300bn fund, rejected this offer. A spokesperson for the company commented:</p>
<blockquote><p>The offer from the consortium remains substantially below our estimate of Origin’s long-term value. As per our statement from earlier this week, AustralianSuper believes Origin has a highly strategic portfolio of assets to participate in, and benefit from, the energy transition. AustralianSuper believes the ongoing energy transition, as we move towards net zero by 2050, has further enhanced the value of strategic energy transition platforms, such as Origin, whether public or private.</p></blockquote>
<p>At the end of September, AustralianSuper upped its stake in Origin Energy by 1.02% for a total shareholding of 13.68% in the company. According to Reuters, more recent reports peg this slice of the Origin Energy pie at 15%.</p>
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<p>At the 23 November shareholding meeting, 75% of the Origin Energy shareholder votes must be in favour of the takeover bid for it to succeed.</p>
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