But Santos, which has persistently appealed for an independent expert’s report on the value of QGC shares, will finally get to see a report valuing the company and saying whether a proposal by AGL Energy to take up 30% of QGC is fair and reasonable.

Santos is offering $1.26 per QGC share.

Santos applied to the panel seeking an unacceptable circumstances declaration on QGC’s target’s statement, which it claimed was inadequate for a number of reasons.

But the Takeovers Panel today said such a declaration was inappropriate because the market had progressed with AGL’s plan to pay $1.44/share in a placement to secure about 28% of QGC’s capital.

“The panel considered that QGC’s directors will have an obligation to provide proper disclosures about the AGL proposal … and the basis of their recommendations for those proposals in the notice of meeting an explanatory memorandum for those proposals,” the Takeovers Panel said.

The Takeovers Panel also said QGC, which has resisted providing Santos with an independent expert’s report on the value of its shares, will now include a valuation and assessment by Deloitte Corporate Finance on the terms of the AGL agreement announced earlier this month.

Under the agreement, AGL would buy $1 billion of gas and $292 million of new shares in QGC.

QGC shareholders are due to meet in February to give the green light to the AGL placement.

Santos has extended the deadline for its offer to January 31, the same day the competition watchdog is due to publish its final decision on the proposed hostile takeover.

The Australian Competition and Consumer Commission is investigating whether the takeover would reduce competition in the eastern states’ gas market and also potentially thwart the proposed PNG gas pipeline.