Reuters: Santos Puts Itself on the Block

Australia's Santos Ltd put its assets on the block after being approached by unnamed parties and moved to replace its chief executive, just as its flagship $18.5 billion Gladstone liquefied natural gas project is set to start up.

Santos on Friday appointed Peter Coates as executive chairman following a one-third slide in its share price this year, and said it was looking for a successor for Managing Director David Knox.

Coates will lead a strategic review, with Deutsche Bank and Lazard advising, with Santos saying parties had expressed interest in some of its assets and "strategic initiatives".

The company said it expected more interest after Friday's announcement.

"No options will be ruled out from consideration," Coates said in a statement. MORE