Origin Energy Limited (ASX:ORG) has declared it can still pull off an ambitious green pivot even if a contested $20 billion foreign takeover doesn't proceed, as investors table their votes ahead of a scheme meeting that will seal or sink the deal. Uncertainty grew over the weekend after Origin's largest shareholder, AustralianSuper, boosted its stake beyond 17% on November 17, 2023 night. It opposes Brookfield Corporation (TSX:BN) and EIG Global Energy Partners' (EIG) buyout, and its voting power could see the transaction scuttled at November 16, 2023 vote.

Origin chairman Scott Perkins told The Australian the power giant had a very bright future, whether it was listed or privately held. "The cookie will crumble how the cookie crumbles. But we can say two things, we are confident in the future prospects of Origin and we believe it is in the best interest of shareholders to accept this offer on the table.

The two things don't necessarily go together," Mr. Perkins said. "In the event the deal doesn't get up, Origin will continue to have a bright future." The comments will be seized on by opponents to the deal, most notably AustralianSuper, which has vowed to use its stake to oppose the transaction. Brookfield has vowed to invest between $20 billion and $30 billion to develop 14GW of new renewable energy generation assets, signif-icantly more than Origin's current plans for some 5GW.

Origin finds itself caught between Brookfield, EIG and AustralianSuper as the two sides clash over the value of Australia's energy retailer and a major owner of generation assets amid a rapid transition away from fossil fuels. Mr. Perkins acknowledged the assessments by opponents to the deal, who say the $9.53 a share offer does not reflect Origin's dominant position in a sector that is undergoing unprecedented change. But he said uncertainty would remained regardless of whether the Brookfield and EIG offer was approved at the shareholder meeting on November 23, 2023.