Related Articles
Forward article link
Share PDF with colleagues

Santos aims to raise money after failed takeover bid

The company wants to raise A$3.5bn to strengthen balance sheet and keep opportunistic bidders at bay

A new chief executive has also been appointed as the company concludes its strategic review. Santos said it will issue new shares to Chinese private equity giant Hony Capital at a 15% premium to the 6 November closing price of A$5.91. The company is also launching a rights issue offering all shareholders, including Hony, new shares at A$3.85, marking a 35% discount. The A$500m private placement to Hony Capital will see the firm increase its stake from 1.4% to 7.9%. However, the Chinese group will be barred from building a stake of more than 9.9% in the energy company for three months, ensuring the move is not seen as the start of an acquisition by one of China’s largest private equity grou

Also in this section
Pemex showing signs of life
14 June 2017
Austerity and higher prices have helped put the state firm back in the black. Deeper reforms are still needed
ExxonMobil back to basics
31 May 2017
The world's biggest oil firm is relying on science, technology and, increasingly, its domestic base to insulate it from weaker oil prices
Dana Gas - 'We went in with our eyes open'
24 May 2017
Dana Gas has struggled to get paid for its work. Yet its chief executive still thinks gas in the Middle East will thrive