November 15, 2017 / 8:33 PM / in a month

Australia's Santos target of proposed investor takeover bid-report

SYDNEY, Nov 16 (Reuters) - A consortium of global energy investors has approached Australian oil and gas major Santos Ltd with a proposal for an all-cash takeover worth A$11 billion ($8.34 billion), media reported on Thursday.

The Australian Financial Review reported Linda Cook, a former executive director of Royal Dutch Shell, had recently approached the Santos’ board with an invitation to support a scheme takeover.

Indicative pricing for the bid was expected to be around A$5.30 per share, a 21 percent premium to Wednesday’s closing price of A$4.38. The pitch was expected to be ready to present to Santos within weeks, the AFR said without citing sources. ($1 = 1.3186 Australian dollars) (Reporting by Wayne Cole; Editing by Adrian Croft)

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