Santos Ltd (STO) is currently one of the hot stocks to watch. A leading gas producer in Australia, it has an interest in operations overseas and supplies natural gas to Australia and Asia.
Rumors emerged today that Woodside Petroleum (WPL) is preparing a $15 billion takeover offer for Santos Ltd (STO).
Reports state that WPL is looking to gain access to Santos’ LNG projects in Queensland and Papua New Guinea.
However, analysts believe the rumor is highly speculative given that WPL already has a significant number of high-quality, large-scale LNG projects in its pipeline.
STO shares were up almost 5% on the rumors at one stage, before Woodside and Santos poured cold water on the story.
Santos eventually closed the session with a 2.7% gain.