TORONTO — Brookfield Asset Management Ltd. says its deal for Australia’s Origin Energy Ltd. has failed to achieve the required shareholder support.
The Canadian company says the offer it made with a consortium of investors and EIG garnered 69 per cent of the votes cast by Origin shareholders, falling short of the 75 per cent mark that was required.
Brookfield says it will evaluate its next steps, if any, in light of the vote.
The Brookfield-led consortium had made an offer valued at US$10.6 billion, excluding debt, that would have also allowed institutional shareholders to reinvest in the business.
However, pension fund manager AustralianSuper, the utility’s largest shareholder, had voiced opposition to the proposal.
It had called the bid a “lowball offer” that strengthens its view that it “remains substantially below” its estimate of Origin’s long-term value.
This report by The Canadian Press was first published Dec. 4, 2023.
Companies in this story: (TSX:BAM, TSX:BEP.UN, TSX:BN)