18/03/2022 - 15:41

Hancock secures Senex stake

18/03/2022 - 15:41

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Hancock Group has been cleared to proceed with its largest investment into the energy sector after the federal court approved its joint bid with POSCO to acquire Senex Energy.

Hancock secures Senex stake
Gina Rinehart said the deal marked Hancock's largest investment into the energy sector. Photo: Hancock Group

Hancock Group has been cleared to proceed with its largest investment into the energy sector after the federal court approved its joint bid with POSCO to acquire Senex Energy.

On the back of today’s court approval and shareholder approval received on March 15, Hancock will take up a 49.9 per cent stake in Queensland-based Senex with the remaining held by South Korean steelmaking company POSCO.

Final consideration for the deal was $4.60 per Senex share, valuing the target at roughly $900 million.

Hancock Group chair Gina Rinehart said she was delighted with the approval, which marked the largest Hancock investment into the energy sector.

“We believe that the energy sector, fundamental to maintaining our businesses and standard of living has an important future given policies have caused the lack of investment in many areas which has already caused energy prices worldwide to rise,” Mrs Rinehart said.

Hancock established its new energy division, Hancock Energy, in 2021.

Senex shares closed the day up 0.22 per cent at $4.60.

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