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☆ Private equity finds silver lining in Asia Pacific
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, March 28 (Reuters Breakingviews) - It’s hard working in Asia-Pacific private equity these days. On Monday Brookfield Asset Management (BAM.TO) and MidOcean Energy agreed to take Australia’s Origin Energy (ORG.AX) private for A$18.7 billion ($12.5 billion). A few days earlier Toshiba’s (6502.T) board tentatively backed Japan Industrial Partners’ $15.3 billion offer. Origin’s buyers, which plan to split the business in two, had already made three offers before Origin accepted. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ TSX opens week higher as banking crisis fears ebb
▼ + stars: | 2023-03-27 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (14:03 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 62.9 points, or 0.32%, at 19,564.39. "First Citizens' announcement of the acquisition of Silicon Valley Bank instilled a broad sense of confidence and calm in the stability of the banking system." The energy sector (.SPTTEN) added 0.3%, tracking strength in crude oil prices. If gains hold, the TSX is on course to eke out a gain of 0.9% for the quarter ending in March. Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Brookfield consortium trims offer for Australia's Origin Energy to $10.5 billion
▼ + stars: | 2023-02-21 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

Feb 22 (Reuters) - A Brookfield-led consortium trimmed its offer for Origin Energy by 1% on Wednesday, valuing Australia's no.2 power producer and energy retailer at A$15.33 billion ($10.5 billion), after government moves to cap gas prices hit valuations in the sector. The consortium's first offer in November of A$9 per share was a near 55% premium to its previous close and valued Origin A$15.5 billion. Argo Investments, Origin's ninth largest investor, said the revised offer was still good value for the takeover target. The revised offer comprises A$8.90 apiece for the first 100,000 Origin shares. Almost 75% of Origin's shareholders own fewer than 100,000 shares, according to its annual report.

☆ These high-dividend stocks are expected to rally, with analysts giving one 60% upside
▼ + stars: | 2023-02-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

High-yielding stocks are back in the spotlight as volatility persists, inflation remains hot and Treasury yields continue to rise. Canadian firm Pembina Pipeline Corporation , as well as EOG Resources, offered high dividend yields at nearly 7% and almost 6% respectively. Both are also expected to have high earnings growth ahead, with forecasts of 146% for Pembina and 62% for EOG. Analysts also give EOG average potential upside of nearly 32%. Hong Kong-listed shipping logistics firm SITC International Holdings also had a notably high dividend yield of 8.5% and nearly 60% potential upside.

☆ Origin Energy gives suitor Brookfield more time to review books
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Australia's Origin Energy (ORG.AX) has extended the exclusivity period for a Brookfield-led consortium to finalise its A$15.5 billion ($10.81 billion) buyout bid, the power producer said on Tuesday. The exclusivity period has been extended to Jan. 24, upon the consortium's request, Origin said. Origin Energy did not specify a reason for the extension, which sparked concern about the fate of the bid. Its shares fell as much as 3.7% to a low of A$7.37, well below the proposed offer price of A$9 a share. Origin said in November it would back the proposed offer if it went ahead.

☆ Australia seeks to limit gas producers' profits as prices soar
▼ + stars: | 2022-12-10 | by ( Samuel Mckeith | ) www.reuters.com time to read: +2 min

The move, detailed late Friday, comes as gas producers face fierce criticism over soaring energy prices that have resulted in windfall profits from their Australian operations. The government said it would cap gas prices at A$12 per gigajoule (GJ) and coal prices for power plants at A$125 per tonne for one year in what Prime Minister Anthony Albanese said were "extraordinary measures" to drive down energy bills. It would not apply to gas sales on the spot market, and would remain in place until the regulator advised the government that domestic gas prices were "reflective of the underlying costs of production". "This may be taken as a declaration of war on the gas industry on the east coast," Credit Suisse analyst Saul Kavonic said. The government earlier this year forecast household gas and power prices would rise by 20% to 30% over each of the next two years.

Forrest said in a statement Squadron had acquired CWP Renewables but did not disclose the price. And the more we create and deploy new renewable energy, the cheaper it becomes for every Australian and the world," Forrest told Reuters after the announcement. With CWP Renewables, Squadron would have the scale it needs to meet demand from large commercial and industrial customers for reliable green energy in eastern Australia, he said. Willoughby said CWP aimed to give the go-ahead by March 2023 to build a 400 MW wind farm, which would cost more than A$1 billion. There are literally trillions of dollars of capital looking for green energy projects," he said.

SYDNEY/MELBOURNE, Dec 7 (Reuters) - Mining billionaire Andrew Forrest's private firm Squadron Energy has acquired CWP Renewables in Australia for more than A$4 billion ($2.7 billion), three people familiar with the deal said on Wednesday. Forrest said in a statement Squadron had acquired CWP Renewables, owner of 1.1 gigawatts of wind farms and a development pipeline of 1.3 GW of wind and solar farms in Australia, but did not disclose the price. CWP was sold by Swiss-based investor Partners Group (PGHN.S), which said it built the Australian business up after first investing in the Sapphire Wind Farm in the state of New South Wales in 2016. Other companies that had looked at CWP included Spain's Iberdrola (IBE.MC), Tilt Renewables, partly owned by AGL Energy (AGL.AX), and Origin Energy (ORG.AX), all aiming to expand in renewable energy as Australia speeds up its transition away from coal-fired power. With CWP Renewables, Squadron would have the scale it needs in eastern Australia to meet demand from large commercial and industrial customers for reliable green energy, Forrest said.

☆ Australia’s Origin Energy Gets $10 Billion Takeover Bid from Brookfield-Led Consortium
▼ + stars: | 2022-11-10 | by ( David Winning | ) www.wsj.com time to read: 1 min

Origin is one of Australia’s biggest retailers of electricity and gas, and a shareholder in a supplier of liquefied natural gas to Asia. SYDNEY—Australia’s Origin Energy Ltd. said it has received a takeover proposal worth around $10 billion from a consortium led by Brookfield Asset Management Inc., underscoring the interest in global assets that can support the energy transition. Origin is a major shareholder in the Australia Pacific LNG plant in eastern Australia’s Queensland state, which supplies liquefied natural gas to Asia. The facility, operated by ConocoPhillips , has benefited from elevated prices of LNG after Russia’s invasion of Ukraine, as countries in Europe scour the world for alternative sources to Russian supply.

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).

☆ Origin Energy expects earnings from energy markets unit to jump in fiscal 2023
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Origin Energy Ltd (ORG.AX) on Wednesday forecast a sharp increase in underlying earnings from its energy markets business in fiscal 2023, helped by higher natural gas prices. Origin in mid-August withheld outlook for 2023 due to extreme gas and power price volatility, as well as coal supply problems at its Eraring power plant, a decision that left investors disappointed. Register now for FREE unlimited access to Reuters.com RegisterThe company now expects underlying earnings before interest, taxes, depreciation, and amortization for its energy markets division between A$500 million ($315.65 million) and A$650 million in fiscal 2023, compared with A$365 million a year earlier. Origin expects the unit to grow further in fiscal 2024, driven by a higher contribution from its electricity business. ($1 = 1.5840 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

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