AustralianSuper, the nation's largest fund, plans to vote against Brookfield and EIG's proposed takeover of Origin Energy, signaling a desire for a higher bid price. The battle raises concerns about the privatization of important Australian companies.
It was mid-morning when the news swept across the floor of The Australian Financial Review Super & Wealth Summit in Melbourne. AustralianSuper, the nation’s largest fund, has announced plans to vote its 13.7 per cent in Origin Energy against Brookfield and EIG ’s proposed $18.7 billion takeover.? The smoke signals suggest AusSuper wants Brookfield ’s bid, currently priced at $8.81, to climb well into double figures and perhaps even as much as $12 a share.
Private companies can now access deep pools of private capital and so for Hostplus, there was a lot of value to be extracted before a company goes public “for the masses”. At a Summit where the super sector expressed concerns about surging bond yields, high inflation and the prospect of explaining near-term volatility in investment returns, Sicilia’s attitude was striking.“If an airport becomes available for sale, you don’t have the luxury of saying I’ll wait till next year to buy it – you either buy it now or it isn’t coming back to the market in your lifetime.
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