Scepter makes $5bn swoop on Santos
Australia’s Santos has rebuffed a A$7.14bn ($5.15bn) takeover bid from Middle Eastern private equity group Scepter
Santos, which needs to reduce its hefty debt by A$3.2bn to maintain its investment-grade credit rating, rejected the bid on the grounds that it was opportunistic and undervalues its assets. The current offer marks a 26% premium to Santos’ closing price of A$5.44 on 21 October and a 40% premium to the past 40 days. But analysts expect the deal, which values Santos at A$6.88/share, will be sweetened by 10% to around A$7.50/share, which would “be sufficient to get a deal done” and values the company on a long term oil price of close to $80/barrel, reported investment house Bernstein. The alternatives for Santos to pay down its debt are less attractive. Either a dilutive equity raise or selling
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
