Santos CSG Pty Ltd., a subsidiary of Santos Ltd., Adelaide, Australia, (Nasdaq: STOSY, Australia: STO) has canceled its unsolicited bid to acquire Queensland Gas Co. Ltd., Brisbane, Australia, (Australia: QGC) for A$1.80 per share in a deal valued at US$752.7 million (A$960 million). The Australian Competition and Consumer Commission issued a formal statement that it would oppose Santos' bid, and Santos responded that the first condition of its offer will not be satisfied by March 5 and it does not intend to proceed with the offer. Santos's deal required Queensland Gas to establish a new publicly listed company to boost the development of Queensland's coal seam gas industry. The combined company would have had reserves of approximately 9 trillion cubic feet of original gas in place.
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