"I don't believe a takeover, or your ""imminent multi-bidding...

"I don't believe a takeover, or your ""imminent multi-bidding war", is the answer. There is always a better way of doing things.

Thanks for responding Alley.

Yes, from Santos' perspective, 'there are better ways of doing things'. Santos can't afford to have a conflict out in the open. Santos have to work more carefully, behind the scenes. Santos have to line up the gas (ESG) and line up the equity/offtake buyers at the same time. They have to convince their GLNG partners to cough up the money, as they don't have the financial muscle themselves. And there is no way Santos can go and market that all-important 3rd Train without any gas for it - so Santos have to line up the ducks behind the scenes. So when you say there is "always a better way of doing things", from Santos' perpsective, I agree - Santos HAVE to operate in a more sophisticated way.

Besides, we know what happened last time when Santos tried to do things by brute force - it didn't end well. This time Santos, using Knox's "collaborative syle", need to work with governments to get what they want, get FIRB approvals ahead of time, make sure there are no issues for the ACCC... all cosy and collaborative. If Santos tried to go up against bigger predators in an open conflict, they would come up empty-handed, again. I think Santos have probably learned their lesson from QGC.

But, and here is the $64,000 question, Alley - is this what ESG wants? Does ESG want to walk off into the sunset with GLNG? Or does ESG think that they will get a better result by having the big boys battle it out in the open?

I personally think the latter. You only ever find out what the big boys are prepared to pay when they bid against each other in the open. Cosy agreed deals are all well and good as a fall-back position, but they never get top dollar. And getting top dollar for the company is what ESG would want.

btw, saying that posters on ESG are all crazy is a bit harsh Alley. I think you need to give the shareholders on HC some credit. Under-estimate ESG and its shareholders at your peril...

I look forward to your contribution on Monday.

Yaq