Oil and gas producer Santos Ltd’s (ASX: STO) share price has jumped 8.37% to $6.80 after releasing its first-half results on the back of an acquisition announcement.
Quadrant Energy Acquisition
Santos announced late on Wednesday that it has agreed to buy Quadrant Energy for at least $US2.15 billion ($A2.92 billion), expanding in Western Australia and grabbing a potentially big new oil find.
It had rejected a $US10.8 billion takeover offer from private equity-backed Harbour Energy just three months earlier.
Santos shares jumped on the results and the Quadrant deal, which was backed by analysts.