Santos dismisses takeover rumours

Santos has moved to dismiss rumours circulating that it is in discussions with an overseas consortium about a possible takeover.

The Australian Financial Review (AFR) reported this morning that a US private equity firm was preparing an $11 billion takeover bid.

The AFR claims that US energy company Harbour Energy, supported by EIG Global Partners, approached Santos with a takeover bid valued at $5.30 per share.

However, Santos has released a statement confirming it is not currently engaged in discussions, and has not received a current proposal from Harbour Energy.

“On 14 August 2017 Santos received a confidential, non-binding conditional and indicative proposal from Harbour Energy to acquire all the shares in Santos by way of a scheme arrangement,” read the statement.

“The indicative price was $4.55 per share.

“The Board rejected the approach on the basis that the indicative price was inadequate and the sources of funds were uncertain.”

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