LNG

Asian Pacific LNG stakeholder Santos, the Australian company that was the subject of a US$10.8-billion bid from US equity fund Harbour Energy backed by its parent EIG Global, saw its shares rise by 2 percent on May 30 as corporate normality returned after the offer was withdrawn last week because of the high oil price.

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.

US private equity firm Harbour Energy has raised its offer to $US10.8 billion ($A14.2Bln) for Santos, the stakeholder in three Asia-Pacific LNG export ventures, provided the Australian company puts in place hedging for the soaring oil price.

Santos, the Australian stakeholder in three Asia-Pacific LNG export ventures, has received a binding bid from Harbour Energy, a subsidiary of US equity firm EIG Global Energy Partners, confirming an original offer of $US10.4 billion ($A13.8Bln) with a number of changes relating to large Chinese shareholders.

Santos, the Australian stakeholder in three Asia-Pacific LNG export ventures, has responded to rising speculation that a US$10.4-billion takeover offer from Harbour Energy, a subsidiary of US equity firm EIG Global Energy Partners, is set to proceed.

Australian energy company Santos, a stakeholder in three Asia-Pacific LNG export ventures, has received a US$10.4-billion takeover bid from Harbour Energy whose Chief Executive is Linda Cook, a former senior executive at Royal Dutch Shell.