© Reuters. Miniatures of windmill, solar panel and electric pole are seen in front of Brookfield Renewable logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
By Scott Murdoch and Lewis Jackson
SYDNEY (Reuters) – Proxy advisor CGI Glass Lewis on Thursday recommended Origin Energy shareholders vote in favour of a $10.5 billion bid from a consortium led by Canada’s Brookfield, despite opposition from the target’s largest shareholder.
Brookfield and EIG Partners last week offered a “best and final” A$9.53 per share for Origin after raising a previous bid.
Australia’s largest pension fund AustralianSuper opposes the offer and intends to use its 15% stake to vote against the deal at a Nov. 23 shareholder meeting.
Depending on the turnout, the opposition risks sinking a deal that requires 75% of shareholder votes cast to pass.
CGI Glass Lewis on Thursday backed the deal and said there was enough evidence to support an “attractive” transaction that would allow investors to cash out at a premium.
The support, which follows the deal’s backing by fellow proxy advisory firm Institutional Shareholder Services (ISS) on Tuesday, is a boost for…
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