Brookfield's $10.6b Origin bid expected to fail: Reuters

The news: Investors are expected to vote down Brookfield's year-long attempt to buy Origin Energy on Monday, Reuters reported.

The numbers: Origin’s largest shareholder AustralianSuper, which owns about 17% of Origin, has said it would reject the $9.39 per share offer, which will likely block the bid that requires a minimum of 75% support from investors. Origin shares closed at $8.19 on Friday, the lowest in around nine months.

The context: The vote on the Brookfield consortium's bid was originally planned for 23 November. It was adjourned after the consortium lodged a revised proposal, while Origin said that proxy votes showed the bid would have failed to win had the vote gone ahead. Origin's board last week rejected a revised back-up bid from the Brookfield consortium, calling it too complex and highly conditional.