Origin Energy set for modest gains in 2023 after rejecting takeover bid

Hellenic Telecommunications Organization SA

28/12/2023 23:27

** Australia's Origin Energy  ORG.AX  on track to end 2023
around 9% higher, a sharp drop from a 47.3% rise last year 
    ** The rise is slightly ahead of ASX 200 benchmark  .AXJO ,
which is up 8.2% for the year
    ** 2023 saw country's second-largest power producer move on
the news around Brookfield's  BAM.TO  $10.6-billion buyout bid
remaining in play throughout year, until it recently rejected
the offer
    ** The stock surged on Oct. 10, after competition regulator
cleared the takeover
    ** ORG shares rose 7.4%, 1.4%, and 4.4% in first three
quarters, respectively, but declined 4.4% in Q4, where co's top
investor rejected the bid in November and the deal fell through
in early December.
    ** The implications of Australia's new green energy policy
and government's planned 12-month cap on gas and coal prices
also took a hit on gas firms' share prices
    ** Local energy sub-index  .AXEJ  on track to end 2023 2.9%
lower, if losses hold, compared to a 40% gain the previous year
    ** Origin's peers Santos  STO.AX  and Woodside Energy
 WDS.AX  announced they were in preliminary talks for a
potential merger
    ** STO up 7.4% YTD, WDS on track to lose around 11%, if
losses hold

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Origin Energy year-end buzz chart    https://tmsnrt.rs/3RYiGkQ
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 (Reporting by Ayushman Ojha)
 ((Ayushman.Ojha@thomsonreuters.com;))