ENN set as biggest shareholder in Santos
Print Edition
CHINA’S private energy player ENN Group will take a A$1 billion (US$750 million) stake in Santos, making it the largest shareholder of the Australian company.
ENN Group said its subsidiary ENN Ecological Holdings would acquire Hony Capital’s 11.7 percent shareholding in Santos. Hony will also buy a US$380 million stake in ENN through a private agreement.
Santos said the acquisition was subject to certain conditions, including approval from the shareholders of the ENN Group.
“Santos welcomes the ENN Group onto the register as a shareholder with obvious knowledge of the gas business across the region,” the company said in a statement yesterday.
ENN Group’s first exposure to the upstream oil and gas industry could be beneficial in the longer term for Santos as it opened new markets in Asia, investment bank Morgan Stanley said in a note yesterday.
“For ENN Group it provides exposure to the upstream oil and gas business and the ability to learn and develop upstream expertise over time.”
Santos shares closed 2.81 percent higher yesterday.
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