Dec 5, 2023 - Business

Brookfield loses another giant Australian energy deal

Origin Energy logo on office building

Photo: Carla Gottgens/Bloomberg via Getty Images.

Shareholders in Origin Energy, one of Australia's largest power producers, have rejected a A$15 billion takeover offer from Canadian investment giant Brookfield.

Why it matters: This is the second major energy deal loss in Australia for Brookfield, which just announced participation in a $30 billion climate fund launched by United Arab Emirates.

  • In 2022, Brookfield was rebuffed in its efforts to buy AGL Energy.

Details: Around 69% of Origin shares were voted in favor of the takeover, which required 75% approval.

  • Among the holdouts was Origin's largest shareholder, pension system AustralianSuper.

Go deeper, via the WSJ: "At the heart of the battle for control of Origin is a difference of opinion in the value that can be generated from Australia's fourth-largest emitter of greenhouse gases shifting away from coal."

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