DIRS.INFO The most relevant business & tech news

The deal was expected to fail after Origin's largest shareholder, A$300 billion ($198 billion) pension fund AustralianSuper, said it would reject the A$9.39 per share offer. AustralianSuper owns about 17% of Origin, which was enough to block the bid. Origin already has plans to develop 4 gigawatts by 2030, and Chairman Scott Perkins reaffirmed that strategy, adding that the company was open to working with other investors. "The way we've seen the energy transition is there's been plenty of scope for third party capital to invest alongside Origin," Perkins told reporters after the vote. In its statement, AustralianSuper said it would be a willing capital partner for Origin as it "prepares to transition over the coming decades".

Persons: Dado Ruvic, AustralianSuper, Brookfield, Scott Perkins, Perkins, Scott Murdoch, Lewis Jackson, Alasdair Pal, Miral Organizations: Brookfield, REUTERS, SYDNEY, Origin Energy, EIG Partners, Thomson Locations: Brookfield, Australia's, Sydney

Under the new terms offered by Brookfield, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG). If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion. When asked during a press conference if he had reservations about the revised deal, Chairman Scott Perkins said: "absolutely". DONE TALKINGFollowing the announcement of the revised offer, EIG CEO Blair Thomas told Reuters that he was done talking to AustralianSuper.

Persons: Dado Ruvic, Australia's, EIG, Scott Perkins, Blair Thomas, Allan Gray, Simon Mawhinney, Mawhinney, Chris Bowen, Scott Murdoch, Lewis Jackson, Praveen Menon, Lincoln, Sonali Paul, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, Brookfield ., EIG Partners, Australia Pacific LNG, Reuters, Brookfield consortium's, Energy, Thomson Locations: Brookfield, Sydney, Australia

The A$300 billion ($195.24 billion) pension fund was against the original offer, which it also said substantially undervalued the company's ability to profit from Australia's shift to renewable energy. Under the new terms offered by Brookfield, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG). If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion. DONE TALKINGFollowing the announcement of the revised offer, EIG CEO Blair Thomas told Reuters that he was done talking to AustralianSuper.

Nov 10 (Reuters) - Origin Energy Ltd (ORG.AX), Australia's no.2 power producer and energy retailer, backed an A$18.4 billion ($11.8 billion) non-binding buyout offer from a consortium led by Canada's Brookfield Asset Management, the companies said on Thursday. The deal sent Origin's share price soaring nearly 40% in early trade to A$8.14. Origin opened its books to the consortium after it raised its offer to A$9 per share in cash, a near 55% premium to Origin's last close of A$5.81. The bid from Brookfield comes after it was rebuffed earlier this year when it led a $3.5 billion takeover offer for Australia's top power producer, AGL Energy (AGL.AX). Under the indicative proposal submitted on Thursday, Brookfield would acquire Origin's energy markets business, while MidOcean Energy, the other consortium partner, would take control of Origin's integrated gas business, including its 27.5% stake in Australia Pacific LNG (APLNG).

Search resuls for: "Scott Perkins"

4 mentions found