Former prime minister Paul Keating has dismissed Brookfield as an “opportunist private equity fund” and its $20 billion pursuit of Origin Energy as a “get-rich-quick” scheme that Australia needs “like we need a hole in the head”., Mr Keating urged the Foreign Investment Review Board to knock back the takeover bid in the same way Canada blocked a $40 billion bid from BHP to acquire Potash Corporation of Saskatchewan on national interest grounds.
A Brookfield spokesman said Origin, if it remained on the ASX, would “not be able to match the level of investment at the scale and speed as it could” if the bid was successful. Brookfield has argued it would speed up investment in renewable generators and storage to help replace Origin’s Eraring coal-fired power station, sit alongside the company’s gas-powered plants and serve clean energy to its 4.5 million customers.
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