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Santos rejects Scepter takeover offer

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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.

 

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Quick facts: Santos Ltd

Price: 5.765 AUD

ASX:STO
Market: ASX
Market Cap: $12.01 billion
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