Santos shareholders join forces for bid
The Santos takeover battle is heating up with news that one of its major shareholders, ENN, is likely to join forces with Harbour Energy in its bid for the Australian company.
ENN will enter a trading halt in Shanghai today, after talks between the company and the Hong Kong-based Harbour Energy, which has bid for Santos at $US4.98 a share. An offer at that price values Santos at around $US13.5 billion.
In a brief announcement, ENN said it plans to fold its 10.07 per cent stake in Santos into a special purpose vehicle set up by Harbour to buy Santos.
The oil surge has buoyed industry sentiment and prompted Santos chairman Keith Spence to say recently that Harbour might have to stump up more than the $13.5bn that secured it due diligence.
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