Is the Harbour Energy Santos Ltd takeover a done deal?

Shares in natural gas company Santos Ltd (ASX: STO) were up 2% to $6.36 at the time of writing after potential acquirer Harbour Energy lodged a substantial shareholder notice in the company with a 15.1% indirectly-held stake.

A Santos announcement advised shareholders to “take no action” in relation to the Harbour proposal at this time.

But the same announcement reported that “no agreement had been reached” between US energy company Harbour and Chinese gas company ENN Holdings, despite reports in The Australian saying Harbour was working with ENN and Chinese private equity firm Hony Capital to agree on terms to put a formal offer to Santos.

ENN was in a trading halt on the Shanghai stock exchange yesterday in connection with a preliminary agreement with Harbour regarding its intention to acquire 100% of Santos for US$4.98 per share.

All eyes are on Santos as it appears the Harbour Energy bid moves one step closer to completion, and while Santos’ share price is on the up amidst the drama, peers like Origin Energy Ltd (ASX: ORG) are also on the gains, with Origin up 1.7% at the time of writing to $9.78.

Woodside Petroleum Limited (ASX: WPL) shares are also up 1.5% to $34.04 at the time of writing with Oil Search Limited (ASX: OSH) rising 1% to $8.55.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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