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Senex grants two-week extension for POSCO

The $890 million deal has been extended twice already.

Senex Energy has announced a two-week extension to the exclusivity period for POSCO International to acquire 100 per cent of Senex.

The exclusivity period is now scheduled to finish on 10 December 2021.

The request by POSCO was made to provide additional time for the receipt of necessary internal and board approvals.

POSCO also issued the request to provide more time for the company to firm up its $4.60 a share (plus 5¢ dividend).

POSCO reconfirmed the commercial terms of its proposal and noted the company has completed its confirmatory due diligence enquires.

This follows another extension to the exclusivity period by POSCO in October, when it was extended to 5 November.

However, Senex notes there is no certainty the discussion with POSCO will conclude in any binding transaction or agreement.

Senex wanted to assure its shareholders that it was not necessary to take any action at this time.

The company is an Australian low-carbon natural gas producer holding assets in the long-life Surat Basin.

Their assets in this basin contribute to around 20 pj of natural gas every year into the east coast gas market.

POSCO is a Korean steelmaker company and the country’s largest trading company.

For more information, visit Senex’s website.

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