Shares in energy giant Santos have soared to a 15-month high after the company confirmed it recently rejected a takeover offer from a major US investor worth almost $9.5 billion.

Santos said the indicative proposal from Harbour Energy in August, priced at $4.55 per share, was inadequate and the sources of funds were uncertain.

Fairfax Media is reporting that a consortium of investors, led by Harbour Energy, is planning an all-cash bid worth $11 billion that could be put to the Santos board within weeks.

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