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Brookfield’s $12.8 Billion Origin Deal Rejected In Investor Vote

Origin Energy Ltd. investors narrowly voted to reject a $12.8 billion Brookfield Asset Management Ltd.-led takeover.

Harry Brumpton, David Stringer

The Origin Energy Ltd. office in Melbourne, Australia. (Photographer: Carla Gottgens/Bloomberg)

(Bloomberg) -- Origin Energy Ltd. investors narrowly voted to reject a A$19.1 billion ($12.8 billion) Brookfield Asset Management Ltd..-led takeover.

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Scott Perkins before the company’s annual general meeting in Sydney on Dec. 4.Photographer: Brendon Thorne/Bloomberg
Scott Perkins before the company’s annual general meeting in Sydney on Dec. 4.Photographer: Brendon Thorne/Bloomberg

Less than the required three-quarters of ballots were cast to approve the deal, Origin chairman Scott Perkins told a Sydney meeting Monday, meaning the utility will remain publicly listed. About 67% of proxy votes were cast in favor of the proposal. 

Origin’s largest investor AustralianSuper had opposed the offer as too low and added to its position in recent months to secure about 17% of the company, effectively blocking the acquisition.

(Updates with details of vote result in first paragraph.)

More stories like this are available on bloomberg.com

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