https://www.miningweekly.com
Business|Energy|Gas|LNG|Renewable Energy|Renewable-Energy
Business|Energy|Gas|LNG|Renewable Energy|Renewable-Energy
business|energy|gas|lng|renewable-energy|renewable-energy-company

Brookfield submits new $10.6bn proposal for Origin Energy

Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business, which includes the 27.5% stake in Australia Pacific LNG (pictured).

Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business, which includes the 27.5% stake in Australia Pacific LNG (pictured).

23rd November 2023

By: Reuters

  

Font size: - +

SYDNEY - Origin Energy, Australia's biggest energy retailer, said on Thursday it had received a revised $10.6-billion takeover bid from a Brookfield-led consortium that would allow institutional investors to remain invested in parts of the company.

A meeting in Sydney to vote on the original bid on Thursday has been delayed until December 4 to consider the new offer, the company said.

Investors had been widely expected to vote against the initial offer after Australian Super, which has a 16.5% stake in Origin, said it would vote no as it believed the offer substantially undervalues the company's ability to profit from the shift to renewable energy.

Under the revised terms, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield.

Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG).

If that bid fails to achieve 75% shareholder support, a revised proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3-billion ($8-billion).

In that case, EIG would make an off-market takeover offer for the rest of Origin, which would centre on the APLNG stake.

Origin shareholders would receive a total of $A9.08 a share, plus a A$0.22 franking credit dividend if EIG got up to 90.1% control of Origin.

The Brookfield consortium's early November offer of A$6.59 and $1.86 in cash and a A$0.39 special dividend equated to A$9.53 per share, but foreign exchange volatility has pushed that down to the current level.

Edited by Reuters

Comments

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.145 0.182s - 108pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: