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
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
11 July 2025
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
10 July 2025
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030
