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Rising oil prices combined with a massive debt killed the world's biggest private equity oil and gas industry deal a week ago. Harbour Energy, which came to Australia looking to become a major LNG player, left the country empty-handed after a year of chasing gas producer, Santos. Santos rejected Harbour’s final offer of $10.8b last week for its stakes in three LNG projects in Australia and Papua New Guinea.
Santos, today, rejected Harbour’s final “take it or leave it” $10.8b bid for company’s final takeover, and henceforth, terminated all discussions. Harbour made a final offer for Santos this week after a sheer rise in global crude oil prices. The company indicated that Harbour’s offer did not represent it’s true worth and accepting their bid was not in the best of its interests.
Offering a bid of US $10.8b, US centered Harbour Energy has made its final move to claim Santos Ltd, today. Harbour's offer has raised twice in a time span of five days If Santos Ltd comes into an agreement with this bid amount, Harbour will end up with stakes in LNG in the Asia-Pacific region, where demands are high.