SYDNEY, Nov 13 Reuters Australian pension fund AustralianSuper said on Monday it had rejected an eleventh hour offer from a Brookfieldled consortium and its partner EIG to drop opposition to their 10.5 billion bid for Origin Energy and join the takeover.

The A300 billion fund, Australia39;s largest, had rejected an unsolicited offer to acquire an interest in Origin should the deal succeed and reaffirmed its intention to reject the bid come the Nov. 23 shareholder meeting, the fund said in a statement.

AustralianSupers position is unchanged on the upcoming vote … as we believe the offer remains substantially below our estimate of Origins longterm value, a spokesperson said.

AustralianSuper added it was Origin Energy39;s largest shareholder, but did not specify the size of its stake as it has done in previous releases. Its stake was last reported at 15.

The bid for Australia39;s biggest energy retailer requires 75 of shareholder votes cast to pass but low turnout from the retail shareholders who make up about a third of the listing gives AustralianSuper39;s stake extra weight.

The offer makes me wonder if the consortium are a little concerned that the deal won39;t go ahead without AustralianSuper, according to Jamie Hannah, deputy head of investments and capital markets at VanEck, which owns a 0.3 stake in Origin.

It39;s very difficult to get over the line without AustralianSuper.

Brookfield and EIG Partners earlier this month offered a best and final A9.53 per…