Superannuation fund AustralianSuper plans to vote against a Brookfield-led consortium's $9.78 billion takeover offer for Origin Energy, citing the offer as substantially below its estimate of long-term value for Australia's biggest energy retailer.
Aussie dollar: Up 0.6 per cent to 63.73 US centsIn Europe: Stoxx 50 up 0.5 per cent, FTSE up 0.5 per cent, DAX up 0.2 per centBrent crude: Down 2.9 per cent to $US87.82 a barrelUpdates on the major ASX indices:Aussie dollar: Down 0.1 per cent to 63.67 US centsIn Europe: Stoxx 50 up 0.5 per cent, FTSE up 0.5 per cent, DAX up 0.2 per centIron ore: Up 1.8 per cent to $US121.80 a tonneAustralianSuper to vote against Brookfield 's $US9.
The deal requires 75 per cent 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. "Given that AusSuper felt the need to go public it suggests that maybe they're not that close to a deal. It's hard to say definitively that the takeover won't happen as someone could still blink before the vote but it’s not a good sign."
Poultry producer Inghams surged 9.2 per cent to $3.73 after the company said it expects $247 million in statutory earnings before interest, tax and amortisation in the first half of 2024. The price of rentals has also dropped by 7.4 per cent, compared with a 14.6 per cent rise nationally. "Today is an earnings rebound," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. "The market got oversold, and the reality is that earnings have been pretty good, the US economy continues to chug along, and is likely to do so in the fourth quarter and into the first part of next year."
Australiansuper Brookfield Origin Energy Takeover Offer Shareholder Meeting
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