AUSTRALIA

Santos can’t quite corner Delhi

DELHI Petroleum’s largest shareholder, Westpac, has received an unsolicited offer for Delhi from an unnamed third party that is superior to the existing offer from Santos.

Various Westpac subsidiaries hold 45% of Delhi.

Westpac Resources and Infrastructure has told Santos that in its opinion, the unsolicited offer would be of greater value to the holders of Floated Interest Energy LinkeD Securities than Santos’ $83.25 per FIELDS offer.

Westpac Resources said it would hold discussions or negotiations in respect of the unsolicited offer.

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