LNG

Australian LNG stakeholder Santos has rejected the $10.8-billion takeover offer from US equity fund Harbour Energy because it undervalued the Adelaide-based company and would have required Santos to provide significant support for Harbour’s debt-raising and to hedge a significant proportion of oil-linked production.

Santos, the Australian stakeholder in three Asia-Pacific LNG export ventures, issued a solid first-quarter earnings report, including an update on the US$10.4-billion takeover bid from Harbour Energy, a subsidiary of US equity firm EIG Global Energy Partners.