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
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
22 April 2026
Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
