Morgan Stanley and UBS were selling a $403m stake in Santos on Thursday night.
On offer were 60 million shares equating to 2.9 per scent of the company.
Shares were being sold at a range of between $6.70 and $6.75 per share with bids accepted in 1c increments.
They priced at $6.75 with demand exceeding the offer.
The price was a 5.9 per cent discount to the last traded share price of $7.17.
ENN owns 9.9 per cent of Santos and the Chinese company has entered into a finance arrangement on part of the holding with Morgan Stanley and UBS.
As a result, the banks are hedging their exposure under the derivative by selling 60 million shares.
Add your comment to this story
Market speculation surfaces on GPT-Dexus merger talks
Dexus has once again emerged as a topic of conversation in the real estate industry, but this time the talk is not about Blackstone’s interest, but GPT’s.
Peabody-Anglo American deal hard to break: experts
A move by Peabody Energy to extract itself from its $5.8bn deal to buy Anglo American may be fraught with challenges, including a costly lawsuit.
To join the conversation, please log in. Don't have an account? Register
Join the conversation, you are commenting as Logout