The takeover target also cut expected output from its Pacific LNG venture in Queensland due to wet weather, but did not comment on the status of takeover talks.
Takeover target Origin Energy has lifted earnings guidance for its core energy markets business but cut forecast output at its LNG venture in Queensland, as its suitors Brookfield and EIG continue their due diligence to firm up their $18.4 billion offer.
to examine Origin’s accounts even after a twice-extended exclusivity period granted for due diligence expired on Tuesday. They have proposed a cash takeover at $9 a share, but the process to firm up the offer has been complicated by the federal government’s intervention in energy markets in December.Shares in Origin rose as high as $7.51 in early trading before slipping to $7.47, up 2 per cent on the day, by mid-morning. The stock has never traded higher than $8.
Origin put the higher forecast for the business down to expected higher gross profits in gas and electricity “due to good operating and trading performance, as well as improved coal delivery under legacy contracts”.
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