Santos Standing on Its Own Again as Harbour Shown the Door. FVE Down 6% to AUD 6.30

Santos Ltd (STO AU): Quadrant Energy Acquisition Implies USD 10/Boe 2P

No-Moat Santos Continues to Impress, Breezing Through 1Q PNG LNG Interruptions

Santos – Harbour Energy Returns to the Well

Harbour Formalises AUD 6.50 Bid for Santos; We Increase FVE to AUD 6.15; Take No Action Just Yet

Signs of More Consolidation in Upstream Oil & Gas Amid Growing M&A Activity

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Event-Driven

<p>Santos has received an upwardly revised binding offer from Harbour Energy of USD 5.21 (AUD 6.95) per share versus USD 4.98 per share prior. While the increase remains conditional, we increase our Santos fair value estimate by 9% to AUD 6.70 from AUD 6.15. Half comes from a reduction in the AUD/USD exchange rate to 0.75 from 0.78, and the balance from Harbour’s increased bid and our crediting a higher 60% chance for success.</p><p>Our most recent AUD 6.15 Santos fair value estimate was at the midpoint…</p>

Santos has received an upwardly revised binding offer from Harbour Energy of USD 5.21 (AUD 6.95) per share versus USD 4.98 per share prior. While the increase remains conditional, we increase our Santos fair value estimate by 9% to AUD 6.70 from AUD 6.15. Half comes from a reduction in the AUD/USD exchange rate to 0.75 from 0.78, and the balance from Harbour’s increased bid and our crediting a higher 60% chance for success.Our most recent AUD 6.15 Santos fair value estimate was at the midpoint…

Harbour Increases Bid by 5% to AUD 7.00 Per Share if Santos Hedges More Oil-Linked Production