The $18.7 billion deal by the North American pair to buy Origin is “a great outcome” for shareholders, customers and employees, Origin CEO Frank Calabria said.
Canadian giant Brookfield has pledged to invest billions of dollars to accelerate the decarbonisation of Origin Energy after sealing a $18.7 billion deal to buy out the Australian electricity and gas supplier together with US partner EIG., has been fully endorsed by the board of the target, with Origin chief executive Frank Calabria describing it as a “great outcome” for shareholders, customers, employees and partners.
That compares with Origin’s closing share price on Monday of $8.17, and $5.81 on November 9, the day before the takeover proposal was unveiled.While completion of a takeover is still subject to shareholder and regulatory approvals, the binding agreement puts to bed any lingering doubts in the market that what was the second-biggest takeover proposal announced in 2022 in Australia would be derailed by the federal government’s intervention into energy markets to rein in runaway prices.
Mark Carney, the former Bank of England governor who chairs Brookfield Asset Management and is head of its transition investing said the firm was determined that the new energy markets business of Origin would lead the way in respect to deploying large-scale renewable energy and retiring coal power. For EIG, the deal will represent a big step-up in its presence in the Australian LNG market which it has sought to enter on several occasions and is currently limited to small stakesEIG chief executive Blair Thomas underscored the firm’s view that LNG will be critical to delivering the energy transition, and described the deal as “a compelling opportunity to accelerate EIG’s strategy of gaining exposure to high-quality LNG assets around the“We have long been attracted to the Australian market,...
The transaction is also subject to approval from the Foreign Investment Review Board, and to a vote by Origin shareholders, as well as to the findings of an independent expert’s report.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brookfield to pour billions into energy transition via Origin takeoverThe $18.7 billion deal by the North American pair to buy Origin is “a great outcome” for shareholders, customers and employees, Origin CEO Frank Calabria said.
Read more »
‘Clearly opportunistic’: The uni financial crisis that never happenedNew analysis shows that universities thrived during the pandemic despite widely publicised predictions that their losses could be as high as $18 billion over five years.
Read more »
Origin Energy buyer flies in to finalise $18.2b deal, Canberra pitchOrigin Energy’s suitors will fly into Australia sign their $18.2 billion takeover early this week and start greasing the wheels for necessary regulatory approvals, including in Canberra.
Read more »
Origin suitors sign binding deed, GIC and Temasek in stackIt’s been a long wait but Origin Energy’s suitors Brookfield Asset Management and EIG’s MidOcean Energy have signed on the dotted line and revealed their co-investors as GIC and Temasek.
Read more »
Origin Energy bought in $18.7 billion takeover dealOrigin Energy has been bought in an $18.7 billion takeover deal by Brookfield Asset Management and MidOcean Energy. The buyout has been set at a 53.4 per cent premium of Origin's closing price.
Read more »
Woman killed in horror crash in Melbourne’s northA woman has died after a two car crash north of Melbourne. 7NEWS
Read more »