Harbour tables revised $10bn takeover offer for Australia’s Santos

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Australian firm Santos has received a revised $10.4billion takeover offer from US business Harbour Energy.

Santos said the new offer “involved no change in price and a number of significant changes to the transaction structure previously announced”.

The deal is subject to shareholder approval conditions, among other things.

A spokesman for Santos said: “The independent directors of Santos will consider the revised Harbour proposal and will update shareholders accordingly.

“There is no certainty that the proposal will result in an offer for Santos that is capable of being considered by shareholders. Santos shareholders are advised to take no action at this time.

The board and management remain focused on continuing to deliver shareholder value through the transformation of Santos into a low cost, reliable and high performance business with strong growth potential.”