Wednesday 20 November 2019 ,
Wednesday 20 November 2019 ,
Latest News
  • Truckers now join transport strike
  • Salt prices skyrocket as rumours trigger panic buying
  • First shipment of onion from Egypt arrives tonight
  • UN court to hear Rohingya genocide case next month
  • Nuclear science training centre on the cards
22 May, 2018 00:00 00 AM
Print

US firm Harbour Energy ups bid for Australia’s Santos

AFP

US private investment firm Harbour Energy yesterday boosted its bid for Australian energy giant Santos as oil prices soar, in a deal valuing the company at US$10.9 billion, reports AFP from Sydney.

Santos, a major oil and natural gas firm with interests notably in Papua New Guinea, said it had received a new proposal of US$5.21 per share. This is equivalent to Aus$6.95, and 4.6 per cent higher than the Aus$6.50 offered in early April.

The revised proposal is conditional on Santos undertaking extra hedging of oil-linked production in 2018 of about 30 per cent, and make changes to hedging the following year.

Harbour indicated the price would be further increased to a US dollar equivalent to Aus$7 a share if Santos agreed to hedge 30 per cent of oil-linked production in 2020.

"The independent directors of Santos will consider the revised Harbour proposal and will update shareholders accordingly," Santos said.

The move sent the company's shares 1.52 per cent higher to Aus$6.34 in early afternoon trade. Harbour, an energy investment vehicle formed by private equity firm EIG to acquire high-quality upstream and midstream assets globally, has previously said it would fund the deal with US$7.75 billion of underwritten debt.

The move comes after Santos last year knocked back an unsolicited Aus$4.55 per share bid by the US investor, saying it undervalued the company.

While Santos has stakes in oil and gas production in several countries, including Indonesia and Vietnam, its main assets include 13.5 per cent of Exxon Mobil's massive liquefied natural gas venture in Papua New Guinea. It also has operations throughout Australia.

 

Comments


Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting