AusSuper's Origin story
AustralianSuper has been coy about its intentions as it’s built up a stake of more than 16% in Origin Energy.
AustralianSuper’s defensive stand against Brookfield in the $19 billion battle for Origin Energy may be an irritating fly in the ointment for the Canadian asset manager, but it is also testament to the maturity of Australia’s retirement savings sector.
No longer are super funds content to take a back seat in the cut throat world of corporate M&A. They have the funds to put up big licks of capital, and if they like a company, they are prepared to hold firm.
AustralianSuper, which manages close to $300 billion, went on a buying spree for Origin Energy shares after the market close on Monday, only hours after rejecting an unsolicited offer to join the Brookfield and EIG consortium bidding for the company.
The country’s largest super fund now owns a little over 16% of Origin, which is the 9th biggest holding in its enormous equities portfolio.
