Business & Finance / 05 December 2023
Origin not for buying
Brookfield and EIG turned up with their golden briefcase, but it was no deal… If you’re at the starting line on this, the long story short is Origin Energy received a $20 billion takeover bid from the Canadian-American investment consortium. Origin needed 75% of the shareholder vote to come in for the deal, but yesterday, the proposal was rejected with 66.97% of the vote in favour. The main spoiler was Australian Super, which owns 17% of Origin. The massive fund said, “the value and future value of Origin is better in the hands of members … rather than a private equity consortium.” Brookfield and EIG promised to spend big money ($20-$30 billion) on speeding up Origin’s transition to renewables, but former PM Paul Keating described it as a “get-rich-quick” by a “profiteering private equity fund”. It remains to be seen whether the bidders will pack it up or have another go…
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