Origin Energy to be split in half and invest in renewables under new $18.4bn takeover bid

The energy giant would be divided into electricity generation and gas firms in order to hit Australia's climate targets

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Origin Energy, one of Australia's biggest energy companies, would be split into separate electricity generation and gas export firms if an $18.4bn takeover bid succeeds, with the aim of accelerating the company's transition away from fossil fuels.

Origin shares soared by more than a third in morning trading to almost $8 each after the company said it had received the offer from Canadian asset manager Brookfield and LNG group MidOcean Energy.

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