AustralianSuper digs in on Origin Energy

AustralianSuper has increased its stake in Origin Energy in what is being seen as a hardening of its position against a bid by Brookfield and EIG.

The big super fund announced yesterday that it had lifted its ownership to 15.03% or Origin “solidifying the fund as Origin’s biggest shareholder”.

In doing so, it said it was not in discussions about the possibility of joining the Brookfield and EIG-backed consortium.

“The fund will be voting against the takeover scheme from the Brookfield and EIG-backed consortium on the terms proposed in Origin’s scheme booklet at the shareholder meeting on 23 November,” the AustralianSuper statement said.

“The fund is a long-term shareholder in Origin and our investment process is built around determining the long-term intrinsic value of the companies we invest in,” it said.