Takeover bid by Brookfield, EIG fails despite maj. vote
A takeover bid of Origin Energy failed, after companies Brookfield and EIG narrowly missed the numbers to secure it.
Transcript
00:00 It didn't reach the 75% mark that was required. It did achieve 69%. So that does show that
00:08 there is great support for the scheme arrangement and what Brookfield put forward. There are
00:15 mixed views though among retail shareholders. There are those that support it and those
00:20 that don't want to see a company delisted and taken off the Australian Stock Exchange.
00:25 They want to see it as an Australian company. So very mixed views from retail shareholders.
00:30 But looking at the vote yesterday, generally strong support. This process has been a process
00:35 of over 12 months and retail shareholders have been getting different offers, different
00:40 amounts and details that they need to go through. And there has been frustration and confusion
00:45 with that. On the renewable side, Brookfield did say they would invest about $20 billion
00:50 to $30 billion in renewables. So really it's around Origin looking at their strategy, which
00:56 has a transition plan and thinking through what do they need and what funding may they
01:02 need for the future. I do note that yesterday the government made announcements around how
01:07 they're going to support organisations with renewable plans. So maybe that's something
01:12 that they need to look at.
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