You don’t often hear the words “$20 billion” and “isn’t enough” in the same sentence. But that’s the verdict of Origin Energy’s largest shareholder, AustralianSuper, after it took one look at the latest price offered by the consortium led by Canadian giant Brookfield.
AustralianSuper’s reluctance would also explain why a sweetened offer perversely resulted in Origin’s share price falling about 1.5 per cent. The showdown will come to a head later this month when Origin’s shareholders come together to have their say. And, there will be a few that won’t be happy with AustralianSuper’s hardheaded approach.
Brookfield has declared its latest offer the final one, and given both it and Origin’s board would have known that even at $9.53 per share AustralianSuper wouldn’t play ball, a plan B has been devised. Brookfield has access to the enormous licks of capital that are required to decarbonise energy companies. And in Origin’s case it was quoting numbers between $20 billion and $30 billion.
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