TORONTO 鈥� A vote by shareholders of Australian's Origin Energy Ltd. on a takeover offer by a Brookfield-led consortium of investors and EIG has been delayed after the utility's largest shareholder voiced opposition to the proposal.
Pension fund manager AustralianSuper says it holds a stake of more than 17 per cent in Origin and that it will vote against the offer.
The consortium has made a revised offer valued at US$10.6 billion, excluding debt, that would allow institutional shareholders to reinvest in the business. If it is not approved Brookfield has proposed an alternative to buy Origin's energy markets business, while EIG would buy the other assets.
AustralianSuper has called the bid a "lowball offer" that strengthens its view that it "remains substantially below" its estimate of Origin鈥檚 long-term value.
Shareholders were to vote on the takeover plan Thursday, but Origin said in a statement that based on the proxy votes received to date, that had it proceeded that it was unlikely that it would have received the required 75 per cent approval.
The vote has been delayed to Dec. 4.
This report by The Canadian Press was first published Nov. 23, 2023.
Companies in this story: (TSX:BAM, TSX:BEP.UN, TSX:BN)
The Canadian Press
