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April 3, 2018, 3:06 a.m. EDT

Australia’s Santos gets $10.4 billion takeover bid from Harbour Energy

Fourth such bid from the U.S. private-equity firm since August

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By Robb M. Stewart


Reuters
The logo of Australian oil and gas producer Santos Ltd. is pictured at their Sydney office.

MELBOURNE, Australia — U.S.-based Harbour Energy Ltd. on Tuesday launched a fresh takeover bid worth nearly $10.4 billion for Santos Ltd.

It was the fourth time since August that private-equity firm Harbour Energy bid for Santos /zigman2/quotes/207349564/delayed AU:STO -1.73%  , which owns vast oil-and-gas acreage in Australia and is a partner in liquefied natural gas ventures stretching from the north of the country to Papua New Guinea.

On Tuesday, Harbour Energy said it would offer $4.98 a share for Santos, a 28% premium to its last closing price. Santos received the most recent bid just before Easter.

Santos said it entered into a confidentiality agreement with Harbour to allow its suitor to go through its books, adding that a board committee was set up to consider the bid. Harbour Energy is an energy investment vehicle formed by EIG Global Energy Partners.

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 7.93
-0.14 -1.73%
Volume: 3.85M
Feb. 21, 2020 3:59p
P/E Ratio
17.21
Dividend Yield
2.09%
Market Cap
$16.98 billion
Rev. per Employee
$2.29M
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