Citi downgrades Australia's Senex to 'neutral' after takeover bid

Posco International

19/10/2021 24:53

** Citi downgrades Senex Energy  SXY.AX  to "neutral" from
"buy" after a near 15% jump in its share price 
    ** Australian coal seam gas producer received $605 mln
takeover proposal from South Korean trader POSCO International
Corp  047050.KS   urn:newsml:reuters.com:*:nL1N2RD0GN
    ** Citi sees limited scope for POSCO to materially increase
its offer of A$4.40 per share; raises PT on SXY to A$4.32/share
from A$4.24/share
    ** Morgan Stanley says offer price "attractive" to SXY's
recent trading levels 
    ** SXY slips as much as 1.1% to A$4.34 
    ** Stock up 76.5% this year, as of last close

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))