https://www.miningweekly.com

Santos rejects A$7bn takeover offer

Santos rejects A$7bn takeover offer

Photo by Bloombeg

22nd October 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Oil and gas major Santos has rejected a A$7.1-billion takeover offer from Scepter Partners on behalf of the managed funds of its core stakeholders.

Santos on Thursday revealed that the indicative and highly conditional nonbinding proposal had seen Scepter offer A$6.88 in cash for each Santos share.

The Santos board told shareholders the offer was opportunistic and did not reflect the fair underlying asset value, while the proposal was also subject to a number of conditions, some of which would adversely affect Santos’s continued evaluation of other alternatives in its current strategic review process.

Santos in September announced a review of all options to restore and maximise shareholder value. The options included possible asset divestment as part of its ongoing portfolio management, provided fair long-term value could be realised.

Santos shares were trading at a high of A$6.56 on Thursday.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 
ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.055 0.223s - 128pq - 2rq
Subscribe Now