Secret Treasury documents reveal former PM Paul Keating pressed the treasurer to reject Canadian private equity giant Brookfield’s $20 billion Origin tilt.
Secret federal Treasury documents reveal former Labor prime minister Paul Keating pressed Treasurer Jim Chalmers to reject Canadian private equity giant Brookfield’s attempted so-called “scam” to buy Origin Energy for $20 billion.
Mr Keating told Dr Chalmers in an accompanying cover letter that: “The Brookfield proposition is nothing but a scam to siphon out of Australia billions of renewable energy profits to a Canadian private equity fund. “In the statement you will see my reference to Marius Kloppers’s and BHP’s attempts to take over the Potash Corporation of Saskatchewan in 2010, only to be immediately thwarted by the Canadian government.
But until Friday 5pm, when Treasury released the additional documents in response to a freedom of information request, it was not publicly known that Mr Keating had also pressed the treasurer on the matter.Mr Keating’s opposition to the deal lent support to major shareholder and industry super fund AustralianSuper to block the takeover, with the support of other shareholders.
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