Australia’s Santos Rejects $10.8 Billion Harbour Energy Bid, Ends Talks

Australia’s Santos on May 22 ended talks with Harbour Energy and rejected the U.S.-based firm’s $10.8 billion takeover offer, saying it undervalued the oil and gas producer as oil prices surge.

The decision shocked analysts and leaves Harbour, which had tabled an increased and final offer this week, sorely disappointed, after increasing its proposed bid five times in nine months following a steep rise in global crude oil prices.