AustralianSuper doubles down on Origin bid rejection

The news: Superannuation giant AustralianSuper has rejected an eleventh-hour appeal from the Brookfield and EIG-backed consortium bidding for Origin Energy, and reaffirmed it would be voting against the takeover.

The numbers: The super fund, Origin's largest shareholder, did not say if a sweetener had been offered in the suitors' unsolicited letter ahead of the scheme vote on 23 November. Earlier in the month, AustralianSuper upped its stake in Origin to 15%.

The context: AustralianSuper has maintained the consortium's offer price of $9.53 per share is below the fund's expectations of Origin's future value, particularly given the growth opportunities in Australia's energy transition. The takeover scheme would require 75% shareholder approval to pass.

What they said: "The challenge facing the nation as we work towards Net Zero by 2050 is not a lack of capital but rather a shortage of good quality investment opportunities," an AustralianSuper spokesperson said in a statement.