Aussie foreign investment board approves Senex, Posco deal
Australia’s Foreign Investment Review Board (FIRB) has approved Korean Posco International’s proposed acquisition of Senex Energy, the Sydney-listed company said on February 18.
Posco International, a unit of steel giant Posco, has received a written confirmation from the FIRB that the Commonwealth has no objection to the proposed acquisition, Senex said. The company in December agreed to acquire Senex for A$885mn ($610mn). It agreed to pay a cash price of A$4.60/share.
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Senex shareholders will vote on the deal on March 15. The company board has recommended that shareholders vote in favour of the deal, Senex added.