Origin Energy said “active engagement” continues with its two North American suitors on a possible binding takeover offer as it reported a return to profit in the first half.
said “active engagement” continued with its two North American suitors on a possible binding takeover offer as it reported a return to profit in the first half.
Underlying profit, the figure most closely watched by the market, dived to $44 million, from $268 million a year earlier. Chief executive Frank Calabria said higher earnings from the Australia Pacific LNG venture in Queensland contrasted with “more challenging” conditions for the energy generation and retailing business.
It pointed to the possibility of a share buyback or other capital management activities in the second half and beyond, “taking into account franking balances, business conditions, growth opportunities and the status of the Brookfield/EIG non-binding indicative offer”.Origin reported that Brookfield and EIG had “substantially completed due diligence and active engagement continues on a non-exclusive basis in relation to the submission of a binding proposal”.
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