News: ORG UPDATE 1-AustralianSuper to vote against Brookfield's $9.8 bln offer for Origin Energy

(Updates with detail on deal, AustralianSuper comments)

Oct 31 (Reuters) - Superannuation fund AustralianSuper said on Tuesday that it plans to vote against the Brookfield-led consortium's A$15.35 billion ($9.78 billion) takeover offer for Origin Energy Ltd (ORG) , stating the offer undervalues the energy producer.

AustralianSuper owns a 13.68% stake in Origin Energy, according to LSEG data.

Brookfield-consortium's offer price of A$8.81 apiece has been deemed fair by an independent expert's report, however, it outlined a "roll forward" calculation that says Origin's shares could be worth an additional 40 Australian cents by the time a potential takeover is due to occur.

"The current offer from the Brookfield and EIG-backed consortium remains substantially below our estimate of Origin's long-term value," the superannuation fund said in its statement.

"AustralianSuper believes the ongoing energy transition, as we move towards net zero by 2050, has further enhanced the value of strategic energy transition platforms, such as Origin."

Brookfield and EIG's MidOcean Energy did not immediately respond to a Reuters request for comment.

($1 = 1.5694 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar))