Santos makes friendly tilt for Eastern Star

摘要

After two years of waiting in the wings Santos has finally launched a friendly takeover for its Gunnedah Basin CSG partner Eastern Star Gas. The move, which comes ahead of an expected reserves upgrade, values ESG at $924 million and includes a premium on ESG's shares of around 50%. Santos, which already owns 20.9% of ESG, will purchase east coast power generator TRUenergy's 3.8% stake in ESG for $35 million and will then sell 20% interest in ESG's assets for $284 million.