Santos is under pressure to consider lowering its exposure to rising oil prices after Harbour Energy said it would pay as much as $7 a share if the company hedged nearly a third of its production in 2020.
The prospect of a higher bid came as Harbour Energy lifted its offer for the South Australian gas producer to $US5.21 ($6.95) a share, valuing the company at $14.4 billion, after having offered $US5.12 a share on Saturday.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
