Australia's Santos rejects Harbour Energy's final $10.8 billion takeover offer

(Reuters) - Australia's Santos said on Tuesday it terminated discussions with Harbour Energy and rejected the U.S.-based firm's final takeover offer of $10.8 billion.

"(The board) resolved to reject the final proposal on the basis that it does not represent a full value of the company," Santos said in a statement.

Harbour made the final offer for Santos this week, hiking its bid for a fifth time in nine months after a steep rise in oil prices.

(Reporting By Rushil Dutta in Bengaluru; Editing by Himani Sarkar)