AustralianSuper buying more Origin shares to block takeover
AustralianSuper is seeking to increase its blocking stake in Origin Energy, sending stockbroker Macquarie into the market to buy more shares on its behalf.
Origin Energy CEO Frank Calabria surprised investors on Thursday morning. James Alcock
Macquarie was seeking to buy 21 million Origin shares at $8.65 a share on Thursday afternoon, to take AustralianSuper’s stake to about 15 per cent.
The buying wraps up a hectic day for Origin. Suitors Brookfield and EIG Partners increased their offer to $9.53 a share, only for AusSuper to say it would reject the bigger bid.
AusSuper’s buying shows it will do more than just vote its 13.67 per cent stake against the bid in an effort to block the deal.
It could, in theory, buy as much as 19.9 per cent, before triggering any obligations to make a takeover offer of its own.
The more shares AusSuper buys, the harder it is for Brookfield and EIG to complete their $20 billion scheme of arrangement.
AusSuper’s $8.65 a share offer was at an 18¢ premium to Origin’s last close, and was targeted at fast-money funds nervous that the $20 billion takeover was set to fail.
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