AustralianSuper boosts Origin stake, will vote against Brookfield takeover

The news: AustralianSuper has boosted its stake in Origin Energy ahead of a vote on a proposed takeover the superannuation giant hopes to quash. AustralianSuper reiterated its plans to vote against a sweetened offer to buy Origin from Brookfield and an EIG-led consortium.

The numbers: AustralianSuper purchased shares to increase its Origin ownership to 15.03%, tightening its grip as the company's biggest shareholder. Brookfield and EIG last week lifted their offer to $9.53 a share to buy the energy producer and retailer, from an initial bid of $8.81 per share. Origin shareholders will vote on the bid at a shareholder meeting on 23 November.

The context: The new offer has been declared "best and final by the bidding consortium, but AustralianSuper maintains it is substantially below the super giant's estimate of Origin's long-term value. The offer requires 75% shareholder approval to pass.