Santos receives revised $10.4bn takeover offer from Harbour

Leading Australian energy company Santos has revealed that it has received a revise buyout offer from US-based private equity firm Harbour Energy valued at USD$10.36bn (AUD$13.77).

“Santos advises that it has received a binding, conditional proposal from Harbour Energy Australia Pty Ltd (Harbour) to acquire 100% of Santos shares by way of a scheme of arrangement for consideration equivalent to USD$4.98 per share,” Santos said.

See also:

• Cheap energy storage will power Australia’s renewable future – report

• New Zealand government launches review into the price of energy

• Reece Group acquires US-based MORSCO in AUD$1.9bn deal

“The independent directors of Santos will consider the Revised Harbour Proposal and will update shareholders accordingly.”

In April, Harbour announced that Santos had stated that it would be open to discussing a potential sale with the US firm, with Habour having now made the conditional proposal official.

If accepted and granted regulatory approval, the deal would mark the largest takeover of an Australian oil & gas producer in the country’s history.

Santos shares dipped 2% in the wake of the announcement.