Australia's Senex Energy hits 5-week high on buyout by POSCO International

Posco International

13/12/2021 24:27

** Shares of Senex Energy  SXY.AX  rise as much as 2.9% to
A$4.580, their highest since Nov. 9
    ** Coal-seam gas producer says it agrees to be acquired by
South Korea's POSCO International Corp  047050.KS  in a deal
valued at A$852.1 mln ($610.53 mln)   urn:newsml:reuters.com:*:nL1N2SX0J7
    ** Senex says it intends to pay an interim dividend of
A$0.05 per share for the half year ending Dec. 31 
    ** Citi says PIC's cash offer of A$4.60 per Senex share is
in line with its valuation of A$4.54 per share
    ** Citi views this transaction as positive in a sector
"plagued by reserve downgrades and ESG concerns"
    ** SXY stock on track for a second consecutive session of
gain 
    ** Stock up more than half this year, as of last close 

($1 = 1.3957 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))