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    Posco's acquisition of Senex becomes legally effective

Summary

Posco International, a unit of steel giant Posco, in December agreed to acquire Senex for A$885mn.

by: Shardul Sharma

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Posco's acquisition of Senex becomes legally effective

Shares of Australian Securities Exchange-listed Senex Energy will be suspended from the close of trading on March 18 after its takeover by Korea’s Posco International became legally effective.

Senex in a statement said it had lodged with the Australian Securities and Investments Commission a copy of the orders made by the Federal Court of Australia approving the deal under which K-A Energy 1, a subsidiary of Posco, will acquire 100% of the issued shares in the Australian oil and gas producer. K-A Energy 1 is owned 50.1% by Posco International and 49.9% by Australian billionaire Gina Rineharts Hancock Energy Corporation. 

Posco International, a unit of steel giant Posco, in December agreed to acquire Senex for A$885mn ($610mn). It agreed to pay a cash price of A$4.60/share.