Thomson Reuters FILE PHOTO: The logo of Australian oil and gas producer Santos Ltd is pictured at their Sydney office
(Reuters) – Santos Ltd said on Monday it received a revised offer from U.S.-based suitor Harbour Energy, valuing it at $10.84 billion, up 4.6 percent from an earlier offer.
The revised proposal is conditional on Santos undertaking additional hedging of oil-linked production in 2018 of about 30 percent and changes to hedging in 2019, Santos said in a statement.
The new offer is equivalent to A$6.95 a share at an exchange rate of 0.75. Harbour said the offer price would be increased to a U.S. dollar amount equivalent to A$7.00 per share if Santos agreed to hedge 30 percent of oil-linked production in 2020.
(Reporting by Chris Thomas in Bengaluru; editing by Richard Pullin)