The parties did not spell out the reason for the drop in price but Australian gas firms have seen their valuations hit by the government's planned 12-month cap on gas and coal prices to keep a lid on bills for households and businesses hit by soaring global energy prices.
"The market is clearly factoring in the remaining risks and regulatory risks will be a big part of that," Morgans analyst Max Vickerson said. "It's also worth noting that due diligence isn’t quite complete either." The Origin board stopped short of delivering a recommendation of support for the bid, another condition needed for the offer to proceed.
Origin has been looking to speed up its transition to cleaner energy, accelerating the planned shutdown of the country's biggest coal-fired power plant and selling its gas exploration assets.
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