이 기사는 2021년 11월 10일 08시09분 thebell에 표출된 기사입니다

Posco International, the trading arm of South Korea’s steel giant Posco Group, is considering making a new takeover offer for Australia-based Senex Energy in partnership with another Australian company Hancock Prospecting as it continues to raise its offer to persuade Senex’s board.

The deadline for its exclusive talks with Senex has been extended from November 5 to November 26, Posco International said in a regulatory filing on Monday.

“Posco International made its fourth offer for Senex, but the companies couldn’t reach an agreement before the original deadline,” a person familiar with the talks said. “Senex is contemplating whether to accept Posco International’s suggestion to make a joint offer with Hancock.”

Posco International is teaming up with Hancock because of the increased valuation of Senex. The stock price of the coal seam gas producer, listed on the Australian Stock Exchange, surged by more than 82% year-to-date, from between 2.52 and 2.96 Australian dollars in January to 4.60 Australian dollars on Monday, thanks to high global demand for gas and rising gas prices.

The natural gas reserves held by Senex is said to be one of the key reasons that Posco International is pursuing the acquisition of the Australian firm. A partnership with Hancock would enable Posco International to further raise a bid for Senex.

Moreover, it would be easier to receive regulatory approval from Australian authorities if Posco International and Hancock jointly acquire Senex, rather than Posco International acquiring the gas producer on its own, as the Australian government tightens regulations on acquisitions of domestic companies by foreign investors.

If a foreign entity wants to buy 20% or more of an Australian company, it needs to get approval from the country’s Foreign Investment Review Board (FIRB), with the maximum period for review of six months, an extension from the original period of 30 days.

Posco International initially intended to buy a 100% stake in Senex. If it collaborates with Hancock to acquire Senex, part of the stake will be held by Hancock, which could increase the likelihood of obtaining approval from the FIRB.

The relationship between Hancock and Posco, the parent company of Posco International, began in 2012 when the two companies invested together in Roy Hill iron ore mine in Western Australia's Pilbara. Hancock and Posco own 70% and 12.5% of Roy Hill Holdings, the operator of the mine, respectively.

After years of sluggish performance, Roy Hill Holdings finally started paying dividends in 2020. Posco received about 434.5 billion won in cumulative dividend income on its investment in the mine as of the end of June and is expected to earn a total of 600 billion won by the end of this year. (Reporting by Doung Yang)