Santos receives binding bid Harbour Energy

Company News

by Rachael Jones

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

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.