Santos, Oil Search Agree Merger to Create A$21 Billion Energy Company morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
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.
Oil Search Rejects $16bn Merger Proposal From Santos oilandgaspeople.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilandgaspeople.com Daily Mail and Mail on Sunday newspapers.