IMO as Santos buying Quadrant, and Quadrant having 80% stake on Dorado oil discovery and CVN only having 20%, Why isn't Santos showing any interest in CVN ? Is it becasue it only has 20% stake in Dorado?
CVN is an exploration company and not a production company, hence it has to sell its 20% stake to Santos or any other companies. As i donot think any major companies would be interested in the 20% stake of CVN as major stake holder Quadrant would already have been taken over by Santos.
CVN wouldnt have any options and hence down the track sell its 20% to Santos but at what price ? Market Cap of CVN is $450M. Would Santos want to fork out another huge amount to acquire CVN at its current market price for 20% stake ?
There would certainly be a price manipulation which i think had already started from PS3 announcement -it was an average announcement - drove the price down 30%, Another very good announcement on Dorado, which everyone anticipated the price to move north, but went further down by around 14%.
Any thoughts ?
Ann: Santos Acquires Quadrant Energy, page-69
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