US private firm Harbour Energy has revised its terms and submitted a binding but conditional proposal for the takeover of Santos (ASX:STO).
This is a signal they have secured the backing of the Chinese shareholders.
The share price will be US$4.98, This follows a five week due diligence process.
It values the Adelaide-based oil and gas producer at about $13.7 billion.
The proposal follows an approach on the April 3 and was submitted to the Santos board early Thursday.
Harbour wants to use Santos’s assets to build an international business in the growing LNG market.
Shares in Santos (ASX:STO) are flat at $6.32