ORG ASX: Brookfield sweetener to get Origin Energy without AusSuper

Hats off to Brookfield and EIG Partners for bringing Origin Energy’s now $20 billion takeover to a head.to above the top of the independent expert’s range, which would hurt, particularly when you consider they had a board recommended and binding deal 8 per cent lower .

AusSuper, manager of Australia’s biggest super fund, owns 13.7 per cent of Origin’s shares and on Monday called the former bid “substantially below” its estimate of Origin’s long-term value.Brookfield and EIG have read the room, and thrown another $1.2 billion at Origin Energy through gritted teeth. If AusSuper holds firm, Brookfield and EIG are going to need just about all of them to get the scheme over the line.Lowy’s stared down UniSuper and some other investors to restructure their Westfield Australian shopping centres empire in 2014That was an epic battle, narrowly won by the company and full of M&A dark arts and proxy solicitation, and all of which is now to play out at Origin in the coming three weeks.

Whatever the case, it would require the two consortium spearheads and their nine-plus partners to recut the deal, its financing, its governance structures and timing. All that means a lot more work.That means convincing every other Origin shareholder to vote for the scheme of arrangement.

Source: Energy Industry News (energyindustrynews.net)

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