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 groups
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
