viewSantos Ltd

Santos rejects Scepter takeover offer


Shares in Santos Limited (ASX:STO) were up 15% this morning at A$6.28 after the company decided to reject an acquisition proposal from Scepter Partners for a cash consideration of $6.88 per share.

Santos said the proposal was also subject to numerous conditions, some of which would be adverse to Santos’ continued evaluation of other alternatives in its current strategic review process.

Santos has been advised by Scepter that it is a direct investment business whose stakeholders include a standing syndicate of ruling families, ultra-high-net-worth industrialists and sovereign wealth funds.

The company is continuing a strategic review to restore and maximise shareholder value.

Last week, it made its first shipment of liquefied natural gas (LNG) from its US$18.5 billion GLNG project in Queensland.

Success delivery of the cargo to South Korea is being interpreted as an important strengthening of Santos’ status as a major and competitive LNG supplier to Asia.

Production from the project’s first train began in September and work on the second train is continuing to progress well, with Train 2 expected to be ready for start-up by the end of the year.

First LNG from Train 2 is expected in the second quarter 2016.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Santos Ltd

Price: 5.765 AUD

Market: ASX
Market Cap: $12.01 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Archer Materials looking to raise 3 million offering a Share Purchase Plan

Archer Materials ( ASX: AXE) CEO Dr Mohammad Choucair joined Proactive’s Steve Darling with news the company is looking to raise capital in a Share Purchase Plan which began June 1st. That plan will allow eligible shareholders the opportunity to purchase new Archer shares at a price of $0.60 per...

4 hours, 19 minutes ago

2 min read