AUST BUS article today extract 'Santos to push for higher offer...

AUST BUS article today extract
'Santos to push for higher offer

The Santos board is set to push private US firm Harbour Energy to sweeten its $13.7 billion takeover bid, after a binding offer was made at an unchanged price despite a 15 per cent jump in oil since an original approach seven weeks ago. Harbour, run by former Shell executive Linda Cook and managed by EIG Global Energy Partners, yesterday made what Santos said was a binding, conditional offer at $US4.98 a share, which translates to $6.64 at yesterday’s exchange rate. The bid price was less than many shareholders were hoping for and sent Santos shares down 12c, or 1.9 per cent, to $6.20 yesterday because of concerns it would not result in a deal.

Santos said its board would consider the bid. “There is no certainty that the revised Harbour proposal will result in an offer for Santos that is capable of being considered by shareholders,” Santos said. If successful, the deal would be the biggest takeover of an Australian resources company and would put it in foreign hands a decade after a shareholder cap, originally designed to thwart corporate raider Alan Bond, was removed.....'