The Australian energy major Santos said Thursday it had knocked back a bid by a US-based investment firm worth almost A$9.5 billion (Dh26.44bn), sending its share price soaring.
Santos, an Australian natural gas company with interests in Papua New Guinea, said it received a proposal from Harbour Energy at A$4.55 per share on August 14.
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"The board rejected the approach on the basis that the indicative price was inadequate and the sources of funds were uncertain," Santos said in a statement to the stock market.
"Santos confirms that it is not currently engaged in discussions with, and has not received a current proposal from, Harbour Energy regarding a change of control transaction for Santos."
Harbour Energy's chief executive is Linda Cook, a veteran former senior executive of energy juggernaut Royal Dutch Shell.
Shares in Santos closed 13.01 per cent higher to A$4.95 in trading in Sydney Thursday.