By Paulina Duran SYDNEY (Reuters) - Australia's Santos on Tuesday ended talks with Harbour Energy and rejected the U.S.-based firm's $10.8 billion takeover offer, saying it undervalued the oil and gas producer as oil prices surge. The decision shocked analysts and leaves Harbour, which had tabled an increased and final offer this week, sorely disappointed, after increasing its proposed bid five times in nine months following a steep rise in global crude oil prices. "(The board) resolved to reject the final proposal on the basis that it does not represent a full value of the company and, when combined with the associated risks, is not in the best interests of Santos shareholders," Santos said in a statement.
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