PERTH (miningweekly.com) – The shareholders of takeover target Senex Energy this week voted in favour of a takeover by Korean major POSCO International, through its consortium K-A Energy 1, which is offering A$4.60 a share for each Senex share held.
Senex this week said that more than 93% of votes cast by shareholders at the company’s shareholder meeting had been in favour of the transaction.
The transaction remains subject to a court hearing, which is scheduled for March 18. If the court approves the scheme, a copy of the orders will be lodged with the Australian Securities and Investments Commission, at which point the scheme will become effective.
Senex is expected to suspend share trading on March 18.
K-A Energy 1 is owned 50.1% by POSCO International and 49.9% by mining magnate Gina Rinehart’s Hancock Energy Corporation, a wholly owned subsidiary of Hancock Prospecting. POSCO is expected to provide A$442.6-million of the acquisition price, with Hancock to contribute the remaining A$440.8-million.