The big bopper, Origin Energy, isn’t done yet and from all accounts on Sunday seems highly unlikely to be over the line by close of business on Monday.
That means suitors Brookfield and EIG Partners, should they want more due diligence on an exclusive basis, will have to go to Origin Energy and request it.
As for the delays, there’s the foreseen holiday period and the less foreseen changes in energy market policy settings, which make it hard to pin down approvals and funding for an $18.4 billion target.
Brookfield and EIG are said to remain keen to do the deal, but just need more time.
Another delay isn’t what Origin investors will want to hear, so we expect both camps to carefully craft the message. They’ll also have bankers reassuring hedge funds that the talks are on track.
Elsewhere, we’ve spotted some big-name professional services firms in the Sun Cable creditors stack, and checked in with Canaccord Genuity’s Australian arm to see what a management buyout at the HeadCo level means for the local business.
Mid-tier broker Canaccord Genuity’s Australian outpost is getting ready to roll over its Australian ownership into the global parent, as a part of a $C1.13 billion management buyout at the Toronto Stock Exchange-listed firm.
RBC Capital Markets will advise EastLink toll road’s owners on their exit options after winning a pitching battle between a handful of local investment banking teams.
