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Live updates: Sharemarket opens lower as oil prices take a hit, Origin takeover deal reportedly delayed

Live updates: Sharemarket opens lower as oil prices take a hit, Origin takeover deal reportedly delayed
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Investors expected to vote against Brookfield s $10 6 billion bid for Australia s Origin Energy

A Brookfield-led consortium's A$16.3 billion ($10.61 billion) bid for Origin Energy is expected to fail after the largest shareholder in Australia's biggest energy retailer said it would vote against the offer at an investor meeting on Thursday. Australian Super, which has a 16.5% stake in Origin, said it believes the offer substantially undervalues the company's ability to profit from the shift to renewable energy, and has already said it would vote no. Without the support of the A$300 billion pension fund, Australia's largest, the consortium will struggle to receive the level of backing it needs to succeed under local takeover laws.

New south walesScott murdochIan mylesJamie hannahLewis jacksonOrigin energyPartner midocean energyNewmont corpBrookfield corpMidocean energyVaneck australiaAustralian superMiral fahmy

Investors expected to vote against Brookfield s $10 6 bln bid for Australia s Origin Energy

A Brookfield-led consortium s A$16.3 billion bid for Origin Energy is expected to fail after the largest shareholder in Australia s biggest energy retailer said it would vote against the offer at an.

New south walesIan mylesLewis jacksonScott murdochJamie hannahOrigin energyPartner midocean energyBrookfield corpNewmont corpMidocean energyVaneck australiaAustralian superMiral fahmy

ORG ASX: Van Eck backs in-doubt Origin takeover ahead of crucial Thursday vote

Despite intense lobbying from Origin, its suitors and their advisors, the market expects the $20 billion bid from EIG and Brookfield not to gain enough support.

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Origin Energy shareholder shows hand and backs $10 5 billion Brookfield bid

Origin Energy shareholder VanEck Australia will support the $10.5 billion bid from Canada's Brookfield and EIG, according to a senior executive, one of only a handful of funds to reveal their hand ahead of the shareholder vote next Thursday. The Brookfield consortium's A$9.53 offer is a "good premium" given the uncertainty around Origin Energy's ability to profit from the shift to renewable energy, according to Jamie Hannah, deputy head of investments and capital markets at VanEck, which owns a 0.3% stake in Origin. Critics of the bid argue it undervalues Origin's 20% stake in British renewable energy utility Octopus Energy, but Hannah said the assets are tricky to price.

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