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Rinehart to get half of Senex after POSCO takeover

Business

Senex has agreed to a POSCO-only takeover valuing the Brisbane gas company at almost $900 million.

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Billionaire Gina Rinehart’s Hancock Energy will also get a 49.9 per cent stake in Senex, but as a separate deal between Hancock and POSCO and would not be a part of the Scheme of Arrangement.

The deal came as Senex also announced a major gas supply deal with Shell of eight petajoules over four years.

The Senex board agreed to a $4.60 a share takeover plus a 5 cents a share dividend for the December half year.

Senex chairman Trevor Bourne said the company had focused on maximising the value of the company.

“The offer today, which is recommended by the board, reflects an attractive value for Senex and the opportunity for our shareholders to realise a certain cash price for their shares,” he said.

The deal is expected to be completed in March.

Senex said the offer was a 25 per cent premium to the 30-day weighted average price.

The takeover still needs approval from the Foreign Investment Review Board.

 

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