(Bloomberg) -- Origin Energy Ltd.’s top investor AustralianSuper has raised its stake in the energy company after rejecting an improved A$19.4 billion ($12.5 billion) takeover offer from a Brookfield Asset Management Inc.-led consortium.

About 21 million shares changed hands at A$8.4 apiece, Australia stock exchange data on Friday showed. AustralianSuper, the biggest pension fund in the country, is the buyer of the A$176 million stake, according to a person familiar with the matter, who asked not to be identified as the information isn’t public.

The latest purchase, which is equivalent to about 1.2% of Origin’s public float, takes AustralianSuper’s stake in Origin to about 15%. It comes after the A$300 billion pension giant said it would reject the “best and final” offer for Origin by the Brookfield-led consortium.

AustralianSuper has been saying Origin is being undervalued in the Brookfield deal, which was agreed in March. A Nov. 23 meeting will require three-quarters of votes cast to back Brookfield’s proposal in order for the deal to go ahead. 

Read More: Origin Fight Shows Emerging Force of Australia’s Mega-Pensions

Shares of Sydney-based Origin fell about 0.7% as of 2:20 p.m. local time on Friday, extending its five-day losing streak to 8.7%. The stock is trading at A$8.4 each, below the A$9.53 per share offer by the Brookfield-led group.

The Australian Financial Review earlier reported AustralianSuper was the buyer behind the Origin shares. A spokesman for AustralianSuper said they could not confirm the purchase.

AustralianSuper said Thursday that a revised proposal from the Brookfield group, which includes EIG Global Energy Partners, “remains substantially below our estimate of Origin’s long-term value.” AustralianSuper has also stressed that Origin is a valuable asset for the energy transition, citing net zero targets as a compelling reason as to why the company is worth more.

Brookfield launched its bid to acquire Origin last November after the fund had earlier been rejected in a $14 billion offer with technology billionaire Mike Cannon-Brookes to acquire AGL Energy Ltd., a rival Australian utility. 

 

(Updates with details throughout to say AustralianSuper is the buyer behind the block.)

©2023 Bloomberg L.P.