Santos: No takeover talks with Harbour. Initial offer rejected

Australian energy company Santos has dismissed the media reports that it’s been in talks with Harbour Energy over a potential takeover.

“In response to media speculation today, Santos confirms that it is not currently engaged in discussions with, and has not received a current proposal from, Harbour Energy regarding a change of control transaction for Santos,” Santos said on Thursday.

Santos said it had in August 2017 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 AUD$4.55 per share, which, according to Reuters, meant the offer valued Santos at A$9.5 billion ($7.2 billion).

The Board rejected the approach, deeming the indicative price inadequate and the sources of funds uncertain.

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

Offshore Energy Today Staff

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