Companies & Finance

Harbour increases bid for Santos takeover

United States-based Harbour Energy has increased its takeover bid for Australia’s Santos Energy by 4.62%
By Staff reporter 21 May 2018 0 30934

United States-based Harbour Energy has increased its takeover bid for Australia’s Santos Energy by 4.62%, to A$6.95 (US$5.21) per share, Santos said on Monday.

The offer represents an 11% premium to the level at which Santos’s shares closed on Friday and values the company at approximately $10.8 billion.

Harbour would be willing to increase the offer price to the US dollar equivalent of A$7.00 per share if Santos agreed to hedge 30% of oil-linked production in 2020.

Harbour made an initial offer...