Australia's Santos Rejects Harbour Energy's Final $10.8B Takeover Offer | Gulf Coast Oil Rig Equipment & Repair
Australia's Santos terminates discussions with Harbour Energy.
May 22 (Reuters) - Australia's Santos said on Tuesday it terminated discussions with Harbour Energy and rejected the U.S.
-based firm's final takeover offer of $10.8 billion.
"(The board) resolved to reject the final proposal on the basis that it does not represent a full value of the company," Santos said in a statement.
Harbour made the final offer for Santos this week, hiking its bid for a fifth time in nine months after a steep rise in oil prices.
(Reporting By Rushil Dutta in Bengaluru; Editing by Himani Sarkar)