May 22, 2018 / 9:33 AM / a year ago

Australia's Santos rejects Harbour Energy's final $10.8 billion takeover offer

FILE PHOTO: The logo of Australian oil and gas producer Santos Ltd is pictured at their Sydney office February 15, 2016. REUTERS/Jason Reed/File photo

(Reuters) - Australia’s Santos (STO.AX) said on Tuesday it terminated discussions with Harbour Energy and rejected the U.S.-based firm’s final takeover offer of $10.8 billion (8 billion pounds).

“(The board) resolved to reject the final proposal on the basis that it does not represent a full value of the company,” Santos said in a statement.

Harbour made the final offer for Santos this week, hiking its bid for a fifth time in nine months after a steep rise in oil prices.

Reporting By Rushil Dutta in Bengaluru; Editing by Himani Sarkar

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