Shareholders in Australia's Origin Energy on Monday rejected a multi-billion-dollar North American takeover, which had been sold as a path to cutting carbon emissions.

The proposed takeover by a consortium led by Canada's Brookfield and US investor EIG won the backing of 68.9 percent of the shareholder votes -- failing to meet the required 75-percent majority, Origin Energy said.

The acquisition was valued at Aus$18.7 billion (US$12 billion) when an outline deal was announced in March.

"While the scheme will not proceed, it was supported by many Origin shareholders," Origin chairman Scott Perkins said in a statement.

"Importantly, this process has made clear the confidence all shareholders have in Origin's business, assets and people, and its strategic positioning for the energy transition," he said.

Perkins said the group would now focus on its strategic priorities, including accelerating investment in cleaner energy and storage.

Australia, one of the world's largest coal exporters, has pledged to reduce its carbon emissions by 43 percent before the end of 2030 when compared to 2005 levels.

Ferocious forest fires and floods have swept swathes of the country over the past five years, raising many people's concerns about the impact of climate change.

Pension fund AustralianSuper, a leading shareholder in Origin Energy, welcomed the result of the shareholders' vote.

"We have never wavered in our belief that the value and future value of Origin is better in the hands of members and other shareholders rather than a private equity consortium seeking to make a quick return based on the proposed scheme terms," an AustralianSuper spokesperson said.

"We are pleased that this is the outcome."