May 3, 2018 / 2:34 AM / in a year

Santos may be worth more than Harbour bid after oil price rise - Santos chairman

MELBOURNE, May 3 (Reuters) - Santos Chairman Keith Spence said on Thursday the company may be worth much more than the $10.4 billion takeover offer that Harbour Energy proposed in April, given a sharp rise in oil prices since then.

Spence said Harbour’s $4.98 a share offer was compelling enough to open Santos’ books to the U.S.-based firm a month ago.

“However ... with the oil price where it is today, the value of the company may be substantially more,” Spence told shareholders at Santos’ annual meeting, where he earlier said talks with Harbour are expected to wrap up in a few weeks.

Reporting by Sonali Paul; editing by Richard Pullin

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