Takeover talk spurs Santos
SHARES in energy giant Santos have soared to a 15- month high after it confirmed it recently rejected a takeover offer from a major US investor worth almost $ 9.5 billion.
Santos said the indicative proposal from Harbour Energy in August was inadequate and the sources of funds were uncertain.
Fairfax Media is reporting that a consortium of investors, led by Harbour Energy, is planning an all- cash bid worth $ 11 billion that could be put to the Santos board within weeks.
Santos said yesterday that it was not in discussions with Harbour Energy, nor had it received a current proposal.
Shares in Santos were halted from trade in the first 90 minutes yesterday and soared once the halt was lifted. THE longest run of jobs growth in 23 years has taken the unemployment rate to 5.4 per cent, its lowest level since 2013.
But the big question among economists is when the recent strength in the jobs market will begin to boost pay packets.
The total number of people with a job rose by 3700 in October, the 13th consecutive monthly gain, which is the longest stretch of growth since 1994. October’s gains were driven by full- time employment, which rose by 24,300, offsetting a fall of 20,700 in part- time positions.
October’s jobs growth was much weaker than economists had expected, but a slight drop in the participation rate – the number of people employed or actively looking for a job – contributed to the unemployment rate’s fall.