A Brookfield-led consortium has raised its offer for Australia’s Origin Energy by A$1.2bn (US$771mn), valuing the business at almost A$20bn.

Pressure has been building on Brookfield and EIG, which plan to break up Origin, to raise their offer as the value of the energy company has increased, partly owing to the success of UK business Octopus, in which it holds a stake.

AustralianSuper, which owns a 13.7 per cent stake in Origin, said this week it would vote against the takeover as it undervalued the business. In response, Brookfield and EIG raised the bid by 69c a share in cash on Thursday.