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    A047050   KR7047050000

POSCO INTERNATIONAL CORPORATION

(A047050)
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Australia's Senex gets $605 mln takeover offer from POSCO International, seeks more

10/17/2021 | 06:55pm EST

* Senex seeks more than A$4.40 a share

* POSCO International wants to beef up gas reserves

* Senex shares jump 15% to just below offer price

MELBOURNE, Oct 18 (Reuters) - Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.

The A$815 million or A$4.40 per share offer from POSCO International, the trading arm of steel giant POSCO, has already been twice-improved, Senex said.

"The Senex Board believes it is in the best interests of its shareholders to continue to engage with POSCO International and will assess any proposal received on its merits," it said in a statement.

The offer represents a 15% premium over Senex's share close last Friday and nearly 38% over its close on Sept. 1. Senex's shares jumped 15% on Monday to A$4.38, just below the tentative offer price.

A POSCO International spokesperson said the company was pursuing an acquisition of Senex as part of its efforts to secure natural gas reserves to replace its existing natural gas sources.

Senex is a rapidly growing gas producer supplying Australia's east coast market, where prices have more than doubled over the past six years following the start of liquefied natural gas (LNG) exports from Queensland state.

Analysts have long seen it as a potential takeover target.

"You're getting a company with quite significantly expanding reserves across assets that are linked to the east coast gas market, where forecasters are expecting structural tightness," said Morgans analyst Adrian Prendergast.

"The question now is will this shake out a competing bid from somewhere else," he said.

Senex said it was giving POSCO International exclusive access to its books until Nov. 5.

It added that the South Korean firm has indicated that if a transaction proceeds, it would likely to be an off-market takeover offer subject to a 50.1% minimum acceptance condition and approval from the Foreign Investment Review Board.

Senex is looking to more than triple its annual output to 60 petajoules (9.8 million barrels of oil equivalent) by June 2025, which will help it meet a 15-year agreement to supply Santos Ltd's Gladstone LNG plant.

Senex said POSCO International initially made its approach on July 30 with a A$4-per-share bid, raising it around a month later to A$4.20 a share and then lifting it again in September.

POSCO International is 62.9% owned by POSCO.

($1 = 1.3455 Australian dollars) (Reporting by Sonali Paul in Melbourne and Nikhil Kurian Nainan in Bengaluru; Editing by Peter Cooney and Edwina Gibbs)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
POSCO -1.32% 261000 End-of-day quote.-4.04%
POSCO INTERNATIONAL CORPORATION -4.59% 18700 End-of-day quote.28.52%
SANTOS LIMITED -0.16% 6.38 End-of-day quote.1.75%
SENEX ENERGY LIMITED 0.70% 4.3 End-of-day quote.70.63%
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Analyst Recommendations on POSCO INTERNATIONAL CORPORATION
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Financials
Sales 2021 32 655 B 27,7 B 27,7 B
Net income 2021 378 B 0,32 B 0,32 B
Net Debt 2021 2 373 B 2,01 B 2,01 B
P/E ratio 2021 6,10x
Yield 2021 3,74%
Capitalization 2 307 B 1 944 M 1 956 M
EV / Sales 2021 0,14x
EV / Sales 2022 0,15x
Nbr of Employees 1 209
Free-Float 36,6%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 18 700,00 KRW
Average target price 27 571,43 KRW
Spread / Average Target 47,4%
EPS Revisions
Managers and Directors
Si-Bo Joo Chief Executive Officer
Eun-Joo Choi Managing Director & Head-Investment Management
Hee-Cheol Kang Independent Director
Gi-Yeong Lee Independent Director
Soo-Young Kwon Independent Director
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