Australia’s Senex agrees to $610 mln buyout by POSCO Internationa

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SYDNEY:Australian coal-seam fuel producer Senex Energy Ltd agreed on Monday to be acquired by POSCO International Corp in an A$852.1 million ($610.02 million) deal, because the South Korean agency accelerates its enlargement into international pure fuel exploration and manufacturing.

POSCO International, the buying and selling arm of metal big POSCO, acquired Senex’s approval for the deal after mountain climbing its supply for a 3rd time to A$4.60 a share final month.

POSCO International owns oil and fuel stakes in Southeast Asia and is wanting to diversify with Senex’s fuel operations, which provide Australia’s tight east coast market and the Gladstone liquefied pure fuel (LNG) export challenge.

In addition to the acquisition, anticipated to be accomplished in late March 2022, Senex mentioned it meant to pay a dividend of A$0.05 per share for the half 12 months ending Dec. 31.

The firm additionally famous that Australia’s Hancock Energy would purchase a 49.9% oblique stake in it after the deal closes, however mentioned that was not a prerequisite to seal the deal. ($1 = 1.3968 Australian {dollars})

– Reuters



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