Posco International Corporation (KOSE:A047050) offered non-binding proposal to acquire Senex Energy Limited (ASX:SXY) for approximately AUD 890 million on November 8, 2021. Posco International Corporation (KOSE:A047050) entered into a binding Scheme Implementation Agreement agreement to acquire Senex Energy Limited (ASX:SXY) for approximately AUD 850 million on December 13, 2021. Offer price is set to AUD 4.6 per share to acquire 92.819 million shares. The transaction is to acquire 100% stake where POSCO International plans to enter into Scheme Implementation Agreement (SIA) and Joint Investment Deed (Subscription and Scheme Process Deed) with Senex Energy Limited and Hancock Energy Corporation respectively. POSCO International will establish a Special Purpose Vehicle (SPV) in Australia, which will acquire the shares in Senex Energy Limited and prior to implementation of the scheme Hancock Energy Corporation will subscribe for 49.9% of the shares in the SPV. As of December 10, 2021, the transaction The Proposal is proposed to be executed by way of a scheme of arrangement which would be conditional upon a Senex shareholder vote, Foreign Investment Review Board approval, Court approval, Korean regulatory approvals, completion of the proposed acquisition of natural gas fields PL 209 and PL 445 and other conditions customary for a transaction of this nature. As of March 15, 2022, Senex shareholders approved the transaction As of November 29, 2021, Senex advises that it has agreed to grant POSCO International a two-week extension to the exclusivity period, which is now scheduled to conclude on December 10, 2021. The transaction is resolved by the board of POSCO International plans to enter into Scheme Implementation Agreement (SIA) and Joint Investment Deed (Subscription and Scheme Process Deed) with Senex Energy Limited and Hancock Energy Corporation respectively. POSCO International will establish a Special Purpose Vehicle (SPV) in Australia, which will acquire the shares in Senex Energy Limited and prior to implementation of the scheme Hancock Energy Corporation will subscribe for 49.9% of the shares in the SPV. Senex Board intends to unanimously recommend that shareholders vote in favor of the proposed transaction. As on January 17, 2022, Senex Energy Limited completed the acquisition of undeveloped Australia Pacific LNG gas fields PL 209 and PL 445, satisfying one of the conditions. Transaction is expected to close in late March 2022. As of March 15, 2022, Transaction is expected to implement on April 1, 2022. Senex has appointed Macquarie Capital and Rothschild & Co as financial advisers and Clayton Utz as legal adviser. James Stewart of DLA Piper acted as legal advisor and Deutsche Bank Aktiengesellschaft (XTRA:DBK) acted as financial advisor to POSCO International Corporation. Lonergan Edwards & Associates Limited acted as as the Independent Expert to Senex Energy Limited.

Posco International Corporation (KOSE:A047050) completed the acquisition of Senex Energy Limited (ASX:SXY) on March 18, 2022.