Santos says no discussions with Harbour Energy, rejects $7.2 billion takeover approach

No discussions with Harbour Energy, says Santos
Image courtesy of Santos

Australian LNG player, Santos, confirmed it was not engaged in discussions with Harbour Energy regarding a potential takeover of the Australian company following several media reports.

The company noted on Thursday that it has not received a current proposal from Harbour Energy, a US investment firm led by Linda Cook who is a former top executive of LNG giant Royal Dutch Shell.

However, the company has said that earlier in August, it received a confidential, non-binding conditional and indicative proposal from Harbour Energy to acquire all the shares in Santos by way of a scheme of arrangement.

The indicative price was A$4.55 per share or about A$9.5 billion ($7.2 billion) in total.

“Santos’ board rejected the approach on the basis that the indicative price was inadequate and the sources of funds were uncertain,” the company said.

Santos added the company “receives a range of proposals from time to time and is at all times in compliance with its continuous disclosure obligations.”

Santos’ shares hit a 15-month high of A$4.97 on Thursday following the announcement.

Share this article

Follow LNG World News

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >