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Santos made $22b merger bid for Oil Search to form regional champion

Oil Search board faces fury amid CEO exit, secret merger offer We’re sorry, this service is currently unavailable. Please try again later. Dismiss 12.47pm Normal text size Advertisement The board of energy giant Oil Search is facing mounting pressure over the shock departures of two senior executives in less than a year and accusations it has deliberately misled the market. The $8 billion ASX-listed oil and gas company was forced to issue a “clarification” to comments made by chairman Rick Lee this week after he wrongly told an investor briefing that Oil Search had not received any approaches from prospective suitors. Within 24 hours, larger listed rival Santos released documents showing it had made an offer on June 25 to merge with Oil Search to create a $22 billion combined entity.

Oil Search rejected unsolicited $6 5 billion bid from Santos

Oil Search rejected unsolicited $6.5 billion bid from Santos Reuters 4 hrs ago By Sonali Paul and Nikhil Nainan © Reuters/DAVID GRAY FILE PHOTO: Locals walk along small beach where LNG carrier called Kumul is docked at marine facility of ExxonMobil PNG Limited operated LNG plant at Caution Bay, located on outskirts of Port Moresby By Sonali Paul and Nikhil Nainan MELBOURNE (Reuters) - Oil Search rejected an unsolicited scrip-based takeover proposal from Santos Ltd that valued the Papua New Guinea-focused oil and gas producer at A$8.8 billion ($6.5 billion), the two companies said on Tuesday. Santos made the approach on June 25, but the proposal was only revealed on Tuesday after Oil Search was asked a day earlier whether it had received any approaches on an investor call following the shock exit of the company s relatively new chief executive.

Oil Search Rejects Santos Plan for $16 Billion LNG Giant

Oil Search Rejects Santos Plan for $16 Billion LNG Giant James Thornhill, Bloomberg News A Santos Ltd. pilot well operates on a farm property in Narrabri, Australia, on Thursday, May 25, 2017. A decade after the shale revolution transformed the U.S. energy landscape, Australia — poised to overtake Qatar as the world’s biggest exporter of liquefied natural gas — is experiencing its own quandary over natural gas. Photographer: Brendon Thorne/Bloomberg , Bloomberg (Bloomberg) Oil Search Ltd. rejected a takeover approach from Santos Ltd. that would create a A$22 billion ($16 billion) liquefied natural gas export giant with operations across Australia and Papua New Guinea.

Oil Search rejects Santos merger deal

Oil Search rejects Santos merger deal Updated Save Share 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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