Harbour comes in with firm bid for Santos shares

first_imgAfter days of media speculation about potential agreements between Harbour Energy and ENN to put in a joint bid for Santos takeover, the Australian LNG player said Harbour put in a revised proposal. Under the new binding, conditional proposal, Harbor is looking to acquire 100 percent of Santos shares by the way of a scheme of arrangement for a consideration equivalent to US$4.98 per share, totaling US$10.4 billion.The revised Harbour proposal involves no change in price and a number of significant changes to the transaction structure previously announced.Changes include a US dollar offer of cash for shareholders other than ENN and Hony, with no fixed Australian dollar component. In addition, changes include an offer to ENN and Hony to roll-over their existing Santos shares into a Harbour investment vehicle and subscribe for new shares, an option not available to other Santos shareholders.The revised Harbour proposal is subject to conditions, including completion of final confirmatory due diligence and entry into a scheme implementation deed between Santos and Harbour, which requires the transaction to be recommended by the independent directors of the Santos board and includes, among other things, FIRB and shareholder approval conditions.Santos noted in its statement that there is no certainty that the revised Harbour proposal will result in an offer for Santos that is capable of being considered by shareholders. Santos shareholders are advised to take no action in relation to the proposal at this time.last_img read more

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Magpies standing by Carver

first_img Carver was widely expected to be sacked after the Magpies’ eighth successive defeat at Leicester on Saturday left them two points above the Premier League relegation zone. In a chaotic aftermath Carver had suggested defender Mike Williamson had deliberately got himself sent off, then admitted: “There’s a chance they (the players) are just not listening to me.” John Carver will continue to lead Newcastle into the final three games of an increasingly calamitous campaign after surviving crisis talks at the club’s training ground on Monday. Fans reacted with astonishment to the club’s statement, with many taking to social media to express their fears that the decision to stay loyal to Carver could cost them their top-flight status. Mark Jensen, editor of the Newcastle fans’ magazine themag.co.uk, told Press Association Sport: “Just when you think things can’t get any worse the club put a feeble statement out saying it’s business as usual. “I personally don’t know a single Newcastle fan who thinks John Carver is the right man for the job, but if you talk about a change you have to question who in their right mind would want to walk into this total mess. “This has been coming for a long time – it is a carbon copy of last season when we had a few more points on the board, and the season before that we also nearly went down. “If other clubs continue to pick up points I think we will go down. I don’t think any fans have hope of getting any more points ourselves. If we stay up it will only be due to the shortcomings of others.” Press Association With speculation mounting, Newcastle were left in the unusual position of issuing a short statement in which they maintained that Carver would stay in charge for next week’s game against West Brom. The statement read: “Following the result at Leicester City on Saturday, there has been two days of frank dialogue with John Carver and senior players. “The outcome of those discussions is that the board, John Carver, his staff and players are absolutely focused on our current situation and the three hugely important fixtures that remain this season, two of which are at St. James’ Park. “All parties accept responsibility for the current situation but are determined, together, to ensure this club – your club – retains its Premier League status. “That is the only focus at this time.” Newcastle felt they were left with no option but to continue to support Carver after their preferred successor, Derby boss Steve McClaren, reportedly rejected the chance to step in for the last three games. McClaren saw his Derby side fail to make the play-offs on Saturday and it was widely expected he would make the move to St James’s Park, although even a summer move now appears in doubt. The latest twist in an increasingly sorry saga comes one day after Williamson issued a statement denying Carver’s accusations and making a series of apologies from which Carver’s name was noticeably absent. last_img read more

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