POSCO International to Acquire Senex Energy
Posted on 12/13/2021
POSCO International Corporation (Korea: 047050), a listed company, agreed to buy Australian coal-seam gas producer Senex Energy Ltd (ASX: SXY) for A$ 852.1 million. POSCO International owns oil and gas stakes in Southeast Asia and is looking to diversify with Senex’s gas operations. Senex supplies Australia’s east coast market and the Gladstone liquefied natural gas (LNG) export project. Senex reported A$ 116 million revenue for the 2020 financial year.
In addition, POSCO International disclosed that Gina Rinehart’s Hancock Energy would acquire a 49.9% indirect stake in Senex after the deal closes.
Macquarie Capital, Rothschild & Co and Clayton Utz advised Senex Energy, while Deutsche Bank advised POSCO International.
POSCO International is South Korea’s largest trading company and a subsidiary of steel giant POSCO. The company was founded by Kim Woo-choong in 1967 as Daewoo Industrial Co., Ltd, which ran its business in trading and construction. In 1999, the company faced at least US$ 50 billion in debt and Daewoo became formally dismantled.