Oil Search rejects Santos merger deal

Oil Search rejects Santos merger deal
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Oil Search has knocked back a $23 billion merger proposal from rival Santos to create a “regional champion” in oil and gas, but is already coming under pressure from investors to engage with its suitor.
In news that contradicts Oil Search chairman Rick Lee’s statement on Monday that it had received no takeover approaches, Santos confirmed on Tuesday that it had offered an all-scrip deal to merge with Oil Search last month, but the proposal was rejected by Oil Search’s board and its advisers.
Oil Search chairman Rick Lee fronted investors and analysts on Monday - and wanted to clarify something on Tuesday morning.

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