US-based energy investment vehicle Harbour Energy raised its offer for Australian rival Santos on Monday, increasing its bid for the fifth time in nine months to $10.8bn. Harbour's "best and final" offer is conditional on Santos increasing its hedging of oil-linked production for this year and 2019. If accepted by Santos' board and approved by Australian regulators, the takeover - which would be the biggest foreign takeover of an Australian resources company to date - would give Harbour access to low cost Australian gas production as well as stakes in LNG projects targeted at east coast, where demand is strong.
US-based energy investment vehicle Harbour Energy raised its offer for Australian rival Santos on Monday, increasing its bid for the fifth time in nine months to $10.8bn. Harbour's "best and final" offer is conditional on Santos increasing its hedging of oil-linked production for this year and 2019. If accepted by Santos' board and approved by Australian regulators, the takeover - which would be the biggest foreign takeover of an Australian resources company to date - would give Harbour access to low cost Australian gas production as well as stakes in LNG projects targeted at Asia-Pacific, where demand is strong.