South Korea's POSCO International in talks to buy Australia's Senex Energy (updated)

Posco International

17/10/2021 23:55

(Adds details on bidding timeline)
    Oct 18 (Reuters) - South Korean trader POSCO International
Corp  047050.KS  made an A$814.8 million ($605.56 million)
takeover bid for Senex Energy Ltd  SXY.AX  in September, the
Australian natural gas producer said on Monday.
    Senex said it was giving POSCO exclusive due diligence
access until Nov. 5 to better its already twice-improved bid of
A$4.40 per share, with the South Korean firm indicating it would
likely push the deal through an off-market takeover if it goes
ahead. 
    POSCO International, the trading arm of South Korean steel
giant POSCO  005490.KS , could not be immediately reached for
comment.
    Senex said POSCO International initially made its approach
on July 30 with an A$4-per-share bid, followed up around a month
later by an A$4.20-a-share bid. 
    After the latest bid on Sept. 2, Senex granted POSCO
exclusive access to its books, it said. 
    The latest bid is a 15.2% premium to Senex's close on Friday
and a near 38% premium to its close on Sept.1. 
    
($1 = 1.3455 Australian dollars)

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Daniel Wallis and Peter Cooney)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN; +91 806 182 2724;))