Santos surges after receiving USD 7.2 billion takeover approach

Adelaide-based Santos Ltd. rejected a USD 7.2 billion non-binding proposal stating that the price was inadequate. This has prompted the company's share price to skyrocket to the highest in more than a year.

Photo: Shell

Santos Ltd. surged to the highest in more than a year after saying it received a AUD 9.5 billion (USD 7.2 billion) takeover approach from a group led by a former Royal Dutch Shell Plc executive.

The Adelaide-based company said in a statement Thursday it rejected the non-binding proposal received in August because the price of AUD 4.55 a share "was inadequate and the sources of funds were uncertain." The Harbour Energy Ltd. group is preparing to make another cash offer of about AUD 5.30 a share within weeks, the Australian Financial Review reported, without citing sources.

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