Seven Group gets green light to buy Nexus

Company News

by Lelde Smitts

Kerry Stokes-led Seven Group Holdings Limited (ASX:SVW) has been granted court approval for its acquisition of oil and gas junior Nexus Energy Limited (ASX:NXS)
 
The investment company says the New South Wales Supreme Court has approved the deed of company arrangement (DOCA) which is expected to be soon implemented.  
 
Nexus shareholders are understood to be considering appealing the court’s decision which will see full control of the company move to Seven.  
 
The controversial takeover comes after Nexus headed into voluntary administration in June after shareholders voted down a 2 cent per share offer from Seven.
 
Shares in Seven Group Holdings rose 1.43 per cent to close at $5.66 on Christmas Eve, prior to the release of the announcement. 
 
Seven Group Holdings reported a net profit of $263 million in the 2014 financial year.