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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 â poised to overtake Qatar as the worldâs biggest exporter of liquefied natural gas â 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. ....
Provided by Dow Jones By David Winning SYDNEY Santos Ltd. said it approached Oil Search Ltd. about a possible merger last month, but its proposal to create an energy company with a market value of 22 billion Australian dollars (US$16.1 billion) was rejected. Santos said it offered 0.589 of its own shares in exchange for each Oil Search share on issue. A deal would have led to Santos shareholders owning 63% of the combined company, with Oil Search investors holding the remaining stock. The proposal implied a value of A$4.25 for each Oil Search share, Santos said, representing a 16% premium to the stock s closing price on Monday. ....
Reuters 2 minute read July 19 (Reuters) - Oil Search (OSH.AX) Managing Director Keiran Wulff has resigned 17 months after taking charge over a long-term medical condition that the Papua New Guinea-focused company said had recently deteriorated. The board had been in discussions with Wulff over complaints about his behaviour, Chairman Rick Lee said in a statement on Monday. Lee said the board considered Wulff s behaviour was inconsistent with the standards expected by the Board in relation to his management style. Since Wulff took over from his long-serving predecessor, there have been a slate of extreme events including lockdowns, a plunge in oil prices, emergency measures to secure the company s financial position, and the need for a sustainable strategy focused on energy transition, he said. ....