AustralianSuper reinforces position on Origin Energy

AustralianSuper has reinforced its rejection of the Brookfield and EIG consortium bid for Origin Energy saying it had “rejected an eleventh hour and unsolicited letter”.

The big superannuation fund said the letter from the consortium  contained an offer for AustralianSuper to engage with the consortium in relation to acquiring interests in Origin should the takeover scheme on the terms proposed in Origin’s scheme booklet dated 19 October 2023 (as amended on 2 November 2023) be successful.

“AustralianSuper’s position is unchanged on the upcoming vote on 23 November 2023 as we believe the offer remains substantially below our estimate of Origin’s long-term value,” it said

“The Fund will be voting against the takeover scheme from the Brookfield and EIG-backed consortium as AustralianSuper believes the ongoing energy transition has further enhanced the value of strategic energy transition platforms, such as Origin.”

“AustralianSuper is a long-term investor in the Australian economy and is open to providing capital to assist Origin as it prepares to transition over the coming decades, while delivering on our purpose to help members achieve their best financial position in retirement.”

“The challenge facing the nation as we work towards Net Zero by 2050 is not a lack of capital but rather a shortage of good quality investment opportunities.”

“The Fund is the largest shareholder in Origin,” AustralianSuper’s statement said.