POSCO takeover receives foreign approval


Senex announced receipt of approval on 3 February 2022 following the recent update that the company had successfully acquired two gas fields adjacent to its Atlas site from Australia Pacific LNG.

On 17 January, Senex completed the acquisition of the undeveloped gas fields PL 209 and PL 445 following the announcement of intended acquisition on 8 November 2021.

Completion of the acquisition was of the conditions precedent to the scheme implementation agreement (SIA), meeting a key condition of the proposed $900 million takeover.

The takeover price is equivalent to a cash offer of $4.60 per share.

Receipt of the Foreign Exchange Condition was one of the necessary precedents that needed to be satisfied under scheme implementation agreement (SIA) between the companies. 

Approval was awarded under article 18 of the Republic of Korea’s Foreign Exchange Transaction Act. 

The implementation of the scheme remains subject to other conditions as outlined in the agreement. There are now only two remaining obstacles in the way of the deal: a shareholders vote and the Foreign Investment Review Board. 

The Senex board has unanimously recommended the takeover in lieu of a better offer, and POSCO hopes to acquire the company in its mission to electrify industry. 

copy of the SIA was released on 13 December 2021. 

For more information visit the Senex website.

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