Harbour Formalises AUD 6.50 Bid for Santos; We Increase FVE to AUD 6.15; Take No Action Just Yet
After three and a half months all quiet on the Western Front, investor group Harbour Energy has at long last returned with its anticipated formalised takeover proposal for no-moat Santos. We say "all quiet", but there were apparently two additional behind-the-scenes Harbour offers following the original AUD 4.55 bid last year. We recommend shareholders take no action at this stage, as per the direction from Santos’ board.Harbour’s new indicative offer price is USD 4.98 per share, equivalent to ...
Santos is a natural gas company engaged in the exploration for, and development, production, transportation and marketing of, hydrocarbons. Co.'s operating segments consist of five key assets/operating areas of: Cooper Basin; Gladstone LNG; Papua New Guinea; Northern Australia; and Western Australia gas; based on the nature and geographical location of the assets, plus Other non-core assets. Co.'s proved petroleum reserves were 485.0 million barrels of oil equivalent at Dec 31 2016.
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