Santos Drops Bid For QGC After Regulatory Snub

Law360, New York (February 21, 2007, 12:00 AM EST) -- Australia’s largest gas producer has dropped plans to merge with the Queensland Gas Company (QGC) after the federal watchdog slammed its proposed bid for being anti-competitive.

Santos Ltd. said Wednesday it had abandoned its hopes of acquiring a chunk of QGC, saying in a statement that its US$559 million takeover bid was contingent on regulatory clearance.

The company said that as a result of the Australian Competition and Consumer Commission’s decision, announced to the stock exchange Tuesday, this proviso -- the first condition of Santos’ offer...
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