Senex Energy Approves $852m POSCO takeover
- Senex Energy (SXY) gives South Korea’s POSCO International the go ahead for its takeover bid of more than $852 million
- All Senex shares will be acquired for $4.60 each, representing at 25 per cent premium to the 30-day volume weighted average price
- Although subject to a number of approvals, if successful, the transaction is expected to complete in March with Gina Rinehart’s Hancock Energy gaining a 49.9 per cent stake
- In other news, SXY has signed a four year domestic gas sales agreement with Shell Energy for eight petajoules of natural gas at the Wallumbilla Hub
- Shares ended trade on Friday up 3.7 per cent at $4.45
