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China's ENN to 'consider' Harbour Energy's takeover offer for Australia's Santos

Published 09/04/2018, 07:32 pm
Updated 09/04/2018, 07:40 pm
© Reuters. China's ENN to 'consider' Harbour Energy's takeover offer for Australia's Santos
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BEIJING, April 9 (Reuters) - China's ENN Ecological Holdings Co. Ltd 600803.SS , the largest stakeholder in Australian gas producer Santos Ltd STO.AX , said it will "cautiously study and consider" a takeover offer from U.S. firm Harbour Energy.

* The Shanghai-listed company said it hopes to maintain a long-term strategic relationship with Santos and has no plan to offload its shares for cash, the Chinese firm said in a stock filing on April 4.

* China was closed April 5-7 for the Tomb Sweeping Festival holiday.

* ENN said it would continue to indirectly invest in Santos via a special-purpose vehicle.

* The company's board has authorized Santos' management to conduct relevant negotiations and consultations with Harbour Energy regarding the takeover bid.

* Santos said last week it would "engage with" Harbour Energy after receiving a $10.4 billion takeover offer from the U.S. company, its fourth unsolicited bid since August 2017. Under Harbour's offer, ENN and Chinese private equity firm Hony Capital will be allowed to retain a stake of up to 20 percent.

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