Origin Energy shareholders’ rejection of Brookfield and EIG Group’s takeover offer is a stark reminder that even if you collectively control close to $1 trillion in assets, you can’t always have your way.
Judging by the flavour of the questions that retail shareholders fired at chair Scott Perkins at today’s scheme meeting to decide the $20 billion takeover, there was widespread concern about selling an Australian company that provides an essential service to overseas buyers at such a crucial juncture in the energy transition.
Some shareholders also voiced suspicions of Brookfield’s motives, questioning whether it could deliver on its plan to invest $20 billion in renewable energy to transition the company.
In the end the scheme takeover, which needed approval from 75% of shareholders to pass, was defeated by only a narrow margin, with just under 69% of shareholders voting in favour and a little more than 31% voting against it.
