Did a quick search, found this, Beach Petroleum Ltd., an Australian oil and gas producer, will pay A$574 million ($442 million) for Delhi Petroleum Pty, trumping a rival offer from Santos Ltd.
Beach will pay A$44 million for all of Delhi's shares and A$530 million to redeem debt securities and settle other debt, Westpac Funds Management Ltd., which is selling its interests in Delhi, said in a statement today.
The deal triples Beach's reserves, catapulting it to fourth among Australia's biggest oil and gas producers, and giving it a stake in the Santos-led Cooper Basin venture in the country's center. Santos had bid A$474 million for Delhi, a figure rejected by some investors as too low.
``Santos could have got some cost savings and synergies from it, but it's not a setback since it's small in size for Santos,'' said Peter Chilton, who helps manage $800 million at Constellation Capital Management in Sydney. ``The key question is whether it would be profitable for Beach.''
Beach shares rose 2.5 cents, or 1.6 percent, to A$1.555 at the 4:10 p.m. close in Sydney. Shares of Santos rose 8 cents, or 0.7 percent, to A$11.42.
*BEACH rose to $1.555, wow that seems so far away now.
Did a quick search, found this, Beach Petroleum Ltd., an...
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