Australia's Senex agrees to $610 mln buyout by POSCO International (updated)

Posco International

12/12/2021 22:41

(Adds details on deal, background)
    Dec 13 (Reuters) - Australian coal-seam gas producer Senex
Energy Ltd  SXY.AX  agreed on Monday to be acquired by POSCO
International Corp  047050.KS  in an A$852.1 million ($610.02
million) deal, as the South Korean firm accelerates its
expansion into global natural gas exploration and production.
    POSCO International, the trading arm of steel giant POSCO
 005490.KS , received Senex's approval nASXgtX7Q for the deal
after hiking its offer for a third time to A$4.60 a share last
month.  urn:newsml:reuters.com:*:nL1N2RY0HL
    POSCO International owns oil and gas stakes in Southeast
Asia and is looking to diversify with Senex's gas operations,
which supply Australia's tight east coast market and the
Gladstone liquefied natural gas (LNG) export project.
    In addition to the acquisition, expected to be completed in
late March 2022, Senex said it intended to pay a dividend of
A$0.05 per share for the half year ending Dec. 31.
    The company also noted that Australia's Hancock Energy would
acquire a 49.9% indirect stake in it after the deal closes, but
said that was not a prerequisite to seal the deal.

($1 = 1.3968 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru; Editing by Peter
Cooney)
 ((Tejaswi.Marthi@thomsonreuters.com;))