BHP and Mitsubishi today announced a joint takeover offer for QCT Resources Ltd at a price of A$1.20 per share.
Santos owns 250.4 million shares in QCT Resources Limited, representing 36.4% of QCT Resources Limiteds issued capital.
At Santos Annual General Meeting on 5 May 2000 the Company indicated that Santos has had its investment in QCT Resources Limited under review for some time and considers it non-core to Santos future. The Company also stated that it will only proceed to take action on its investment in QCT Resources Limited if it is confident of achieving fair value for Santos shareholders.
Consistent with this objective Santos appointed Deutsche Bank to consider alternative means of realising the investment in QCT Resources Limited. As part of the investigation there have been ongoing discussions with a number of parties regarding Santos’ investment in QCT Resources Limited.
The Board of Santos has not made any decision on the proposed offer from BHP and Mitsubishi. The Board will consider the offer in due course.