Brookfield-led consortium's A$15.35 billion ($9.78 billion) takeover offer for Origin Energy Ltd, casting doubt on the future of the bid.
Origin Energy's largest shareholder, the A$300 billion AustralianSuper, owns a 13.68% stake and said the offer was «substantially below» its estimate of long-term value for Australia's biggest energy retailer.
Origin shares were down 0.4% in early trade on Tuesday at A$9.13 each, which was above the $A8.81 offer price.
The deal requires 75% support from the votes cast at a shareholder meeting, meaning AustralianSuper's holding could be enough to scupper the bid if not all shareholders vote.
The high-profile intervention into one of the biggest takeovers this year comes as Australia's A$2.4 trillion pension sector increasingly flexes its muscle at home and overseas thanks to its burgeoning size in financial markets.
Brookfield-consortium's offer price of A$8.81 per share has been deemed fair by an independent expert's report, however, it outlined a «roll forward» calculation that says Origin's shares could be worth an additional 40 Australian cents by the time a potential takeover is due to occur.
The Brookfield-led consortium has given no indications publicly it is considering upping the value of its bid ahead of a shareholder vote planned for 23 November.
However, AustralianSuper is not alone in its reservations over the price. Fund manager Perpetual told media last month the deal undervalued the energy company.