© Reuters. FILE PHOTO: The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. Picture taken July 3, 2016. REUTERS/Jason Reed/File Photo
(Reuters) – Pension fund AustralianSuper has increased its stake in Origin Energy to 16.50%, the Australian power producer said in an exchange filing on Tuesday.
The stake increase by AustralianSuper, Origin Energy’s top shareholder, threatens to scupper a $10.5 billion buyout of Australia’s largest energy retailer.
AustralianSuper is opposed to the takeover offer by the Brookfield-led consortium and its partner EIG, saying the offer is substantially below its estimate of Origin’s long-term value.
On Monday, the pension fund rejected an “eleventh hour” offer from the consortium to drop its opposition to their bid and join the takeover.
