Origin Energy recommends $18.7 billion takeover offer

March 27, 2023 02:24 PM PDT | By AAPNEWS

Google News:

Origin Energy recommends $18.7 billion takeover offer — Image source: AAPNEWS

Recent News

Kalkine Valens Semiconductor Joins NYSE Composite Amid Rising Sector A...

Kalkine FinVolution Group’s Role in the NYSE Composite Landscape

CoreCard Co. Listed in Russell 1000 Index by Kalkine

S&P 500 Chart with Kalkine Key Trends and Market Movements

Australia's biggest power utility Origin Energy is set to be acquired for $18.7 billion by a consortium led by Canada's Brookfield and its US partner EIG.

The prospective buyers have entered into a scheme implementation deed to buy all of Origin's listed capital, valuing its shares at $8.91 each compared to a closing price on Monday of $8.17.

The Origin board has unanimously recommended shareholders vote in favour of the scheme in the absence of a high bid, pending an independent expert report confirming it's in the best interests of investors.

"Brookfield and EIG view Origin as critical to Australia's energy transition and energy security," they said in a statement on Tuesday.

"Both parties intend to use the acquisition to create separate platforms that will assist Australia's transition to a net zero future."

Their business plan for Origin contemplates at least $20 billion of additional investment in the next decade to construct up to 14 gigawatts of new renewable generation and storage facilities in Australia.

"This is expected to enable the retirement of one of Australia's largest coal-fired power generation plants, Eraring, and will be undertaken with the highest regard for network reliability and security," they said.

Origin first revealed in November it had been approached by the buyers.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video (Content) is a service of Kalkine Media LLC., having Delaware File No. 4697309 (“Kalkine Media, we or us”) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.